Statoil Offered Share in Egyptian Block

Source: www.oilegypt.com 12/4/2006, Location: Africa

Statoil has for the first time taken part, and been offered acreage, in an Egyptian licensing round. The Statoil group was recently awarded the operatorship and an 80% interest in deepwater block 9 off Egypt in the 2006 EGAS international bid round.

The acreage was awarded to Statoil jointly with Sonatrach International Petroleum Exploration & Production (Sipex ) – a fully owned subsidiary of Sonatrach. The latter will hold a 20% interest.

The offer is subject to finalisation of a detailed production sharing agreement and approval by the Egyptian parliament. The blocks lie in the Mediterranean, west of the Nile Delta, at water depths of about 1,000-3,000 metres.

"Gaining access to acreage in Egypt fits well into Statoil's north African strategy. We are already well established in the region with exploration and productions projects in neigbhouring Libya and Algeria," says Ottar Rekdal, head of Statoil's activities in north Africa.

Statoil and Sipex are committed to drilling one exploration well and conducting seismic surveys over a four-year period. Block 9 covers an area of 8,368 square kilometres.

"The considerable water depths represent challenging operating conditions," reports Nils Helge S?rg?rd, vice president for global exploration Africa."

In Egypt, blocks are awarded in bid rounds whereby the winning bids are determined based on both technical and commercial parameters. Egypt produces around 1,5 million barrels of oil equivalent per day, of which 60% is gas. The considerable gas discoveries in recent years have allowed Egypt to grow the domestic gas market and to start gas exports.


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