Statoil Seeking New Acreage in Norwegian Sea and Barents Sea

Statoil has submitted an application for new production licences in the Barents Sea and the Norwegian Sea in the 21st licensing round on the Norwegian continental shelf (NCS).

Awards are expected in the spring of 2011.

A total of 51 blocks have been announced in the Barents Sea and 43 blocks in the Norwegian Sea.

“The NCS is important to Statoil,” says Tom Dreyer, vice president for exploration on the NCS. “The application we are submitting is comprehensive, and we expect a good outcome.”

“Access to new attractive exploration areas is essential for us to be able to confirm the existence of new resources, which in turn could form the basis for standalone developments and create positive spinoffs,” continues Dreyer.

For the last years the authorities have awarded new acreage through ordinary licensing rounds every other year.

“To ensure a good exploration portfolio for the years ahead we need this predictable licensing policy from the authorities,” emphasises the vice president for NCS exploration.

Facts

Statoil is planning to increase its exploration activity on the NCS in 2011 compared to 2010. Values are created through exploration, and both the Norwegian Sea and the Barents Sea are priority exploration areas in Statoil.

In the Norwegian Sea the company is evaluating a deepwater development of Luva. In the Barents Sea the company is carrying out a new drilling campaign, which also includes the Skrugard prospect that was awarded in the previous licensing round. In areas of the Barents Sea already opened for petroleum activities 83 wells have been drilled so far. Statoil is the operator of 63 of the wells.

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Source: Statoil, November 4, 2010;