Statoil said the discovery is approximately 300 miles northeast of St. John's, Newfoundland, and is the third large find made in the Flemish Pass region since June.
The company said oil from all three discoveries is under approximately 1,200 yards of water.
A company executive said Thursday that the latest discovery would bring Statoil "one step closer to becoming a producing operator in the area."
Statoil owns a 65 percent stake in the three discoveries, while Canada's Husky Energy owns the remaining 35 percent.
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