Statoil Farms-In Blocks Offshore Indonesia

Statoil has farmed in to three offshore exploration licenses in Indonesia, significantly expanding the presence in the country.

Statoil will acquire a 40% equity interest in a North Makassar Strait Production Sharing Contract (PSC) and a similar interest in two additional offshore PSCs (West Papua IV and Halmahera-Kofiau).

The three production sharing contracts (PSC) will be operated by Niko Resources Ltd.

Given exploration success, Statoil has the option to become the operator in the development and production phases.

"This is an early access opportunity that adds significant additional acreage to our portfolio," said Pål Haremo, senior vice president for Exploration.

"Our focus is to support Statoil's exploration strategy, by adding materiality to our existing portfolio in Indonesia and increasing Statoil's acreage position in general," he added.

The agreement signed includes one exploration well commitment for the North Makassar Strait PSC.

The agreement is effective from 1 January 2011, and is subject to governmental approval in Indonesia.

Statoil is already an operator in the Karama offshore PSC in Indonesia and partner in the neighboring Kuma PSC in the Makassar Straits.

Exploration drilling is planned for both these licenses in 2011.

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