Statoil Farms into Repsol Licenses, Offshore Colombia

Norwegian oil major Statoil reported late Thursday that it has signed farm-in agreements with Spain's Repsol to acquire stakes in two licenses offshore Colombia.

Statoil said it was acquiring a 10-percent equity share in the Tayrona license and a 20-percent stake in the Guajira Offshore 1 license.

Petrobras operates the Tayrona license (with a 40-percent stake), which includes the ongoing Orca-1 exploration well. Repsol retains 20 percent of the license after its farm-down to Statoil.

The remaining 30 percent is held by Ecopetrol. The licence covers an area of approximately 6,140 square miles and is located in water depths of up to 4,920 feet. 

Repsol operates the Guajira Offshore 1 (GUA OFF-1) licence and retains 30 percent after the farm-down. The remaining 50 percent is held by Ecopetrol. The licence covers an area of 4.540 square miles and is located in water depths of between 4,920 and 11,480 feet.

Repsol has completed a 2D seismic survey in the licence area. The next step includes a 3D seismic survey, which is expected to start later this year. 

The deals are subject to the approval of the National Hydrocarbons Agency of Colombia (ANH).

Nick Maden, Statoil's senior vice president for its exploration activities in the Western Hemisphere, commented in a company statement:

"With the recent award of the COL4 licence in the 2014 Colombia licensing round and the farm-in agreements with Repsol, Statoil is well positioned in deep-water offshore Colombia. We are gaining access to a vast underexplored frontier area through early access at scale, which is in line with Statoil's exploration strategy."



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