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Statoil Awarded New Acreage on the Norwegian Continental Shelf

Source: www.gulfoilandgas.com 1/21/2014, Location: Europe

Statoil has been awarded interests in 10 production licences in the Awards in Predefined Areas 2013 (APA 2013) on the Norwegian continental shelf. Statoil will be the operator in 7 of the licences.

"We are very pleased with the APA 2013 award which is in line with our strategy. It makes a good basis for further developing the NCS as a core area for Statoil," says Irene Rummelhoff, newly appointed senior vice president for NCS exploration in Statoil.

"The mature areas of the NCS are very attractive. Familiar geology contributes to high discovery rates, while well-developed infrastructure yields high-value barrels", says Rummelhoff.

Statoil has been awarded new acreage in all three NCS provinces:

Barents Sea
40% ownership and operatorship in PL765 - a new licence in the Hammerfest basin. We see exciting potential in the area, particularly in some of the more under-explored plays.

Norwegian Sea
40% ownership and operatorship in PL755. This is an interesting area east of Heidrun awarded to secure optimal near-field exploration.

60% ownership and operatorship in PL752 and 20% ownership in PL751 - two new licences in the less mature Fr?ya high/Froan basin where we take a fresh perspective on traditional and new plays.

North Sea
30% ownership and operatorship in PL745S south of the Valemon field in the Tampen area. Here we will work on near-field exploration opportunities.

50% ownership and operatorship in PL739S. This is an exciting award in a large underexplored area southeast of Oseberg

50% ownership and operatorship in PL072D east of Sleipner to secure a near-field exploration opportunity in a mature area of the North Sea.

20% ownership in PL735S in the central Viking Graben. Here we see an interesting concept along the north-western flank of the Utsira High.

77,8% ownership and operatorship in PL333B. This is additional acreage in the King Lear area.

30% ownership in PL044B - additional acreage in the vicinity of PL044 in the southern North Sea.

Statoil believes that the mature areas of the NCS still offer exciting exploration opportunities. The company takes targeted steps in order to unlock the full potential of the mature areas thus maximising value creation on the NCS.

"In 2012 we established three growth projects within our Exploration Norway team covering the most interesting parts of the Norwegian and North Seas. The aim of the growth projects is to leverage our regional knowledge and come up with new creative ideas and exploration concepts. Our APA 2013 application was to a large extent based on the opportunities matured by the growth projects", says Rummelhoff.

Rummelhoff emphasises that access to new quality acreage is essential for maintaining the NCS production level beyond 2020. Earlier this month Statoil delivered to the authorities its nomination of blocks for the 23rd licencing round.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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