Statoil Scoops Up Block Offshore Indonesia

Statoil has been awarded the operatorship and a substantial working interest in a large offshore exploration license in eastern Indonesia.

The Halmahera II block is located in a frontier basin with no wells drilled nearby.

Statoil will operate the license with an 80% working interest. Niko Resources will hold the remaining 20%. The license covers an area of more than 8000 square kilometers. The license is subject to final governmental approval.

"We are very pleased about being awarded a large equity position in a promising frontier area in Indonesia," stated Pål Haremo, senior vice president in Exploration global new ventures in Statoil. He continued, "Indonesia is an emerging focus area for Statoil and we have a material portfolio of frontier acreage in the country."

The Halmahera II license marks the sixth newly accessed license in Indonesia during 2011 for Statoil and brings the total number of licenses with Statoil interest in Indonesia to eight. The newly awarded license is located adjacent to the Obi and Halmahera-Kofiau licenses, accessed earlier this year.

Statoil has been in Indonesia since 2007 and was then awarded the operatorship of the Karama license and partnership with ConocoPhillips in the neighboring Kuma license, both located in the Makassar Straits.

In May 2011 Statoil farmed into three exploration licenses in Indonesia. These are Halmahera-Kofiau, North Makasar and West Papua IV.

In September 2011 Statoil was awarded partnership in two additional exploration licenses. The two licenses are North Ganal in the North Makassar Strait and Obi located in eastern Indonesia.


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