Norwegian Statoil and Canadian co-venturer Husky energy announced their find of between 300 and 600 million barrels of oil recoverable.
This oil discovery is the largest for Statoil outside of Norway.
The discovery has also made Statoil the company which has discovered the most oil and gas in the world.
"It is exciting that Statoil is opening a new basin offshore Newfoundland," says Tim Dodson, executive vice president of Statoil Exploration. "This brings us one step closer to becoming a producing operator in the area."
To read more, please visit the Statoil newsroom here.