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New Acreage in The Norwegian and Barents Seas

Source: www.gulfoilandgas.com 11/3/2010, Location: Europe

Statoil has submitted an application for new production licences in the Barents Sea and the Norwegian Sea in the 21st licensing round on the Norwegian continental shelf (NCS). The application deadline is on 3 November. Awards are expected in the spring of 2011.

A total of 51 blocks have been announced in the Barents Sea and 43 blocks in the Norwegian Sea.

“The NCS is important to Statoil,” says Tom Dreyer, vice president for exploration on the NCS. “The application we are submitting is comprehensive, and we expect a good outcome.”

“Access to new attractive exploration areas is essential for us to be able to confirm the existence of new resources, which in turn could form the basis for standalone developments and create positive spinoffs,” continues Dreyer.

For the last years the authorities have awarded new acreage through ordinary licensing rounds every other year.

“To ensure a good exploration portfolio for the years ahead we need this predictable licensing policy from the authorities,” emphasises the vice president for NCS exploration.

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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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