Statoil Seeking New Acreage

Barents & Pechora Sea
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New licenses are being sought by Statoil in the North, Norwegian and Barents Seas under Norway's latest round of awards in pre-defined areas (TFO) of the continental shelf.

Reflecting its continued strong faith in these waters, the group has once again submitted a broad application for acreage at the deadline today, 1 October.

This year's TFO round is positive because it embraces relevant blocks in all three regions of the NCS, says Mayliss Hauknes, who coordinated work on the Statoil application.

"We need new acreage to explore, and want to step up our exploration activities. These awards mean a lot because they could help to identify additional volumes near existing installations."

Much of Norway's offshore infrastructure has spare capacity, and Statoil accordingly wants to pursue an active exploration strategy near such facilities.

That will ensure the best possible use of resources and optimum utilization of existing investment.

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