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New Exploration Acreage for Statoil

Source: www.gulfoilandgas.com 1/19/2011, Location: Europe

Statoil has been awarded interests in 11 production licences on the Norwegian continental shelf (NCS), 18 January. Statoil is operator for eight of these licences.

"We're very pleased with this year's awards," says Gro Gunleiksrud Haatvedt, Statoil's senior vice president for exploration on the NCS.

"The annual awards in predefined areas (APA) have played a part in forming the basis for the good results we've achieved in our infrastructure-led exploration in recent years."

The government awards embrace a total of 50 production licences: 31 in the North Sea, 17 in the Norwegian Sea and two in the Barents Sea.

Statoil has been awarded one operatorship in the Barents Sea, two licences Ė one as operator Ė in the Norwegian Sea, and a total of eight licences Ė six as operator Ė in the North Sea.

"Infrastructure-led exploration contributes to maximising the potential of the NCS," says Haatvedt.

"Most of the licences lie near established infrastructure and can thereby help to extend the lifetime of the installations and open up further exploration opportunities in these areas."

The system of having separate licensing rounds for mature areas began in 2003.

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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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