Statoil Ups Ante in Ultra-Deepwater GOM Project


Walker Ridge & Green Canyon Fields
(Click to Enlarge)

Statoil has increased its working interest in the Union-operated St. Malo development to 21.5% by exercising its preferential rights on a proposed sale of Devon's share in the development. Union is a subsidiary of Chevron.

St. Malo is scheduled to be sanctioned later this year together with the Chevron-operated Jack development. The combined Jack and St. Malo development is scheduled to come on stream in 2014.

"St. Malo is a major discovery in ultra-deep waters of the Gulf of Mexico, and we are pleased to strengthen our position in this development," said Øivind Reinertsen, heading up Statoil's upstream activities in the US.

"This is a new frontier for all oil companies, and I’m excited that Statoil is such a major player here," he added. "We bring in technology and extensive offshore expertise which we believe will benefit us and our partners in developing this play."

The Jack and St. Malo discoveries are both in the lower tertiary trend of the deepwater Gulf of Mexico, commonly known as the Paleogene play.

Statoil is the third largest leaseholder in these ultra-deep waters which include an additional two discoveries. Statoil is also currently engaged in two deepwater Gulf of Mexico drilling operations.

 

 

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Division Order Analyst
Expertise: Business Analyst|Landman|Lease Analyst
Location: Denver, CO
 
Account Manager - Coatings
Expertise: Business Development|Sales & Marketing|Technical Sales
Location: Houston, TX
 
Regional Sales Manager - Automotive Coatings
Expertise: Business Development|Sales & Marketing|Technical Sales
Location: Detroit, MI
 
search for more jobs

Brent Crude Oil : $50.68/BBL 0.35%
Light Crude Oil : $46.75/BBL 1.08%
Natural Gas : $2.73/MMBtu 3.01%
Updated in last 24 hours