Norwegian oil and gas major Statoil Wednesday said it has gained exploration rights on two land parcels offshore Canada together with Chevron Canada and Repsol E&P Canada.
This was the result of a land sale issued by the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB).
The land parcels are located west of Statoil’s Mizzen discovery in the Flemish Pass Basin. Statoil will be the operator of both licences with a 50 percent interest. Chevron Canada maintains 40 percent and Repsol E&P Canada 10 percent.
“Statoil is continuing to invest in the resource potential of offshore Newfoundland and Labrador,” said Erik Finnstrom, senior vice president for Exploration North America in Statoil. “This offers promising growth opportunities near our Mizzen discovery, deepens our exploration portfolio in the region, and supports Statoil’s ambition of building material positions in new offshore clusters.”
In 2011, Statoil operated an exploration program on its Fiddlehead prospect in the Jeanne d’Arc Basin and on its Mizzen discovery in the Flemish Pass Basin, as well as conducted a seismic program on its EL 1123 licence. Statoil also participated in the Suncor Energy-operated, Ballicatters discovery in the Jeanne d’Arc Basin.
“Step by step, we have built a solid resource base so we can become a producing operator offshore Newfoundland,” Finnstrom said. “We look forward to exploring these new opportunities with our partners in close cooperation with the regulatory authorities.”
Statoil is also an interest holder in two producing offshore fields, Terra Nova and Hibernia, and in the field developments of Hibernia Southern Extension and Hebron.
