Statoil Bags 7 Production Licences in the Barents Sea (Norway)

In the 22nd licensing round on the Norwegian continental shelf (NCS) Statoil has been awarded interests in seven production licences in the Barents Sea. Three of the licences will be Statoil operated.

“Statoil has been awarded new quality acreage in the Barents Sea. It creates a good foundation for expanding and deepening the core position Statoil has built in the region in line with the company’s sharpened exploration strategy,” says Gro Gunleiksrud Haatvedt, Statoil senior vice president for exploration on the NCS.

“Statoil is pleased with the award, which is in line with our application. We have got equity in all prioritised licences for this round,” says Haatvedt.

Statoil has been awarded:

40% ownership and operatorship in PL713. This is an interesting area in the Bjørnøya Basin with a potential to open a new geological play.

50% ownership and operatorship in PL714. This acreage is adjacent to the Johan Castberg license from the north, and may contain additional resources for the Johan Castberg area development. Additional resources can contribute to make the Johan Castberg development more robust.

35% ownership and operatorship in PL615B. This license is located in the Hoop frontier area. The license neighbors PL615 where Statoil will drill two exploration wells in 2014.

20% ownership in PL712, which is an interesting frontier area.

20% ownership in PL717. This license is located along the Johan Castberg trend, north of Johan Castberg.

20% ownership in PL718 and 20% ownership in PL720. This is unexplored acreage in the western part of the Barents Sea.

“There was strong and wide competition in this licensing round with participation of international oil majors in addition to smaller companies,” says Haatvedt.

“We look forward to close cooperation with our new partner Rosneft both in the Norwegian and the Russian parts of the Barents Sea, leveraging our companies’ combined experience of operating in frontier environments,” says Haatvedt. “We are also glad to continue working with ENI, our long-standing partner in the area.”

“Statoil has a strong belief in the Barents Sea as a prolific oil and gas region with significant yet-to-find resources. It will require a significant effort to develop the opportunities that lie in this immature area. We will continue working hard to unlock this potential and to contribute to the new industrial horizon in the north,” says Haatvedt.

Haatvedt emphasises the importance of predictability in framework conditions for the petroleum industry, including biennial licencing rounds and annual awards in predefined areas. Access to new quality acreage is essential for maintaining the NCS production level beyond 2020.

Press Release, June 13, 2013

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