Statoil Strengthens Position in Norwegian Sea


Blocks 6706/10 and 6706/12, Luva Field
(Click to Enlarge)
Statoil is buying BP's 25 percent interest in license 218 in blocks 6706/10 and 6706/12 in the Norwegian Sea. This acquisition includes the Luva gas find. BP recommends Statoil as new operator of the license.

The agreement, which was signed on March 8th, means that Statoil will have a 75 percent interest in the license following this transaction. The other licensees are ExxonMobil with 15 percent and ConocoPhillips with 10 percent.

Several finds have been made in this area, including a substantial discovery in Luva in 1997.

"Statoil wants to strengthen its position in deep water in the Norwegian Sea," says Tim Dodson, senior vice president for exploration on the Norwegian continental shelf. "This area is expected to be an important area for gas in the future."

Through this transaction, Statoil is strengthening its position in terms of future export solutions for gas from this region.

Mr. Dodson adds that, as a step in the development of the Luva find, it will be necessary to drill a new exploration well on an attractive prospect nearby. Plans call for the well to be drilled as early as 2007/2008.

The Luva field is located about 240 kilometers west of Bodo. The license was awarded in 1996.

The water depth in the area is around 1,300 meters, and the reservoir is 2,800 meters beneath the seabed. Recoverable reserves in the field are put at some 38 billion cubic meters of gas.

The parties have agreed not to disclose the purchase price.

The agreement is conditional on approval by the authorities.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
United States Houston: Sr Advising Engineer - Tech Development
Expertise: Business Development|IT - Software Development
Location: Houston, TX
 
Business Development Manager
Expertise: Business Development|Construction Manager|Marketing
Location: Salt Lake City, UT
 
Project Manager II
Expertise: Estimating|Project Controls|Project Management
Location: Hayward, CA
 
search for more jobs

Brent Crude Oil : $50.97/BBL 1.53%
Light Crude Oil : $48.75/BBL 1.79%
Natural Gas : $2.92/MMBtu 0.68%
Updated in last 24 hours