New exploration acreage for Statoil on the Norwegian shelf

Norwegian oil company Statoil has been awarded ownership interests in eleven production licences on the Norwegian shelf. Statoil will be the operator in eight of the licences.In this APA round (Awards in Predefined Areas), Statoil applied for more areas than has been the case in recent years, submitting a targeted application reflecting its new exploration strategy for the Norwegian shelf.

This exploration strategy entails early access to attractive exploration acreage, with prioritisation of "high-impact" opportunities and optimisation of the company’s core areas.

“We are very pleased with this year’s awards. Most of the licences are in the mature areas of the North Sea, which is an important core area for Statoil. Access to acreage around existing installations is an important precondition for maximising potential on the Norwegian shelf,” says Gro Gunleiksrud Haatvedt, Statoil’s director of exploration on the Norwegian shelf.

Statoil’s awards:

• Nine production licences in the North Sea, of which eight as operator. These licences are located in the areas around Oseberg, Gullfaks, Sleipner, Statfjord and Troll, as well as on the Utsira High.
• Two production licences in the Norwegian Sea as partner. Both licences are near the Norne/Skarv area.

“Utsira High in the North Sea has occupied a prominent position on our list of priorities. It is most certainly an exciting exploration area where we are already well-established, and where we have built up a sound understanding of the geology. Although we have made a number of significant discoveries recently, it is still very important that we have access to new acreage in order to curb the decline in production on the Norwegian shelf after 2020,” says Haatvedt.

Source:  Rolleiv Solholm, www.norwaypost.no, 18 January 2012