Oil Majors to Explore for Oil Offshore Canada

Chevron Canada Limited, Statoil Canada Ltd. and Repsol E&P Canada Ltd. have concluded agreements to conduct exploration activities offshore Atlantic Canada.

Chevron and Statoil have also finalized another agreement for exploration activities in the Canadian Beaufort Sea. These new joint ventures over large blocks in deep water represent important strategic steps for all three companies.

“These agreements significantly strengthen our exploration position in Atlantic Canada and in the Beaufort Sea and reaffirm our commitment to achieving long-term growth in Canada,” said Chevron Canada President Jeff Lehrmann. “We look forward to working with Statoil and Repsol to achieve exploration success in these highly prospective basins,” Lehrmann added.

“These agreements add new acreage to Statoil’s already extensive Arctic portfolio” said Tim Dodson, Executive Vice President for Exploration in Statoil. “Strengthening our position in the Flemish Pass Basin and obtaining early entrance to the Orphan Basin and Beaufort Sea provides us access to large potential resources and increases the optionality of our exploration portfolio.”

The Orphan Basin and Flemish Pass Basin agreements reflect Repsol’s commitment to expanding its presence in North America, and in particular Canada’s East Coast. The company is also looking forward to working with Chevron and Statoil to achieve exploration success in these highly prospective emerging frontier basins.

[mappress]
Offshore Energy Today Staff, January 13, 2012; Image: Statoil