Maersk Oil Snags License in North Sea

Maersk Oil has been awarded a license in the Norwegian North Sea as a result of the latest APA Licensing Round.

The license is a geographical extension of License PL501, where operator Lundin and partners Statoil and Maersk Oil made the recent Avaldsnes discovery, into blocks 16/3 and 16/6. The license holding structure remains the same in this extension; Lundin with 40%, Statoil with 40% and Maersk Oil with 20%.

"We are very pleased with this latest license award as it helps us to take forward the Avaldsnes discovery, and reiterates our long-term commitment to Norway," said Maersk Oil Norway Managing Director Morten Jeppesen.

"Our strategy is to grow our business in Norway through exploration activities, participation in licensing rounds and asset acquisitions to build a significant portfolio of exploration and producing assets in the coming years," Jeppesen said.

The award of the extension helps the licensees to evaluate Avaldsnes and maintain alignment over the wider Avaldsnes area. Two appraisal wells will be drilled by the partnership in 2011.