Contractors Unlimited

Statoil Awarded Licences Offshore Canada

Statoil logo Statoil has been awarded interests in four new licences offshore Canada. The new acreage underlines the company's ambitions in the area.

The licences include a Significant Discovery Licence (SDL) and three Exploration Licences (ELs) off the coast of Newfoundland, awarded through a land sale issue by the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB).

"We are very pleased to learn that we have been successful in acquiring new licences offshore Newfoundland," says Tim Dodson, senior vice president of Statoil's global exploration entity.

"Securing these new licences provides further growth opportunities near our Mizzen discovery in the Flemish Pass Basin and near existing infrastructure in the Jeanne d'Arc Basin, as well as more frontier opportunities in a promising basin. We are looking forward to exploring these new opportunities together with our partners and in close cooperation with the authorities."

Statoil has been successful in acquiring the following licences:
  • One SDL, which is an extension of Statoil's current Mizzen licence. Statoil is operator with a 65% interest and with Husky Energy as partner.
  • Two ELs located in the Flemish Pass Basin/Central Ridge region, approximately 500 kilometres offshore Newfoundland. For the licence located in the vicinity of the Mizzen SDL, Statoil is operator with a 65% interest and Husky Energy as partner. For the licence situated in the northern part of the Flemish Pass Basin, Statoil is operator with a 75% interest and with Repsol E&P Canada Ltd as partner.
  • One EL located in the Jeanne d'Arc Basin, approximately 250 kilometres offshore Newfoundland. Statoil Canada has a 50% interest and Husky Energy is the operating partner.
"This is another step forward for Statoil as we develop and expand our exploration portfolio offshore Canada," said Hege Rognø, head of Statoil's Canadian offshore activities. "This demonstrates our commitment to explore and our ambition to become a producing operator offshore Newfoundland."

Statoil is partner in the ongoing drilling of the Suncor Energy operated Ballicatters well in the Jeanne d'Arc Basin. As operator Statoil is planning to drill a well on its Mizzen discovery located in the Flemish Pass Basin and another on its Fiddlehead licence in the Jeanne d'Arc Basin in 2011/ 2012.

Statoil is also partner in two producing offshore fields, Terra Nova and Hibernia, and in the field developments of Hibernia Southern Extension and Hebron.

Statoil (OSE: STL, NYSE: STO) is an international energy company headquartered in Norway. It has more than 35 years of experience from oil and gas production on the Norwegian continental shelf and has currently operations in 40 countries. Statoil is among the world's largest offshore oil and gas operators and is seen as a leader in technology and resource management. Statoil has 29,000 employees worldwide, and is listed on the New York and Oslo stock exchanges with a market capitalisation of approximately USD 70 billion. Equity production in 2009 was 1,962 000 boepd and booked reserves of oil and gas is reported at 5.4 billion barrels.

Published 02/12/2010

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