British oil and gas company BG Group has acquired stakes in three blocks offshore Newfoundland, Canada.
The firm, soon to be acquired by Shell, has bought the Canadian offshore acreage from Spain’s Repsol, which recently bought the Canadian oil and gas company Talisman for $8.3 billion.
“This provides the company with access to early stage exploration in a proven prospective basin ahead of the first well being drilled later this year,” BG Group said in a statement.
The blocks are located in the Atlantic Ocean, approximately 200 kilometres from St. John’s, Newfoundland. The company’s equity stakes range from 10% to 25%.
“This opportunity is in line with the company’s strategic exploration focus to enter new basins,” BG Group added.
All three blocks, EL1123, EL1125, and EL 1126 are operated by Statoil, a Norwegian oil company. Statoil operates seven Exploration Licences (ELs) covering a total area of over 11,000 km2. It is also a partner in four ELs.
Offshore Energy Today Staff