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Statoil Says Canadian Oil Finds May Signal Moroccan Crude

Statoil ASA said oil discoveries off eastern Canada may signal potential crude finds off Morocco in northwest Africa because the regions could have similar geology.

Statoil’s latest Bay du Nord find in Canada’s Flemish Pass Basin may hold as much as 600 million barrels of recoverable oil, according to the company. That part of the North American coast used to be joined with Africa before the continents’ tectonic plates moved apart more than 100 million years ago.