Statoil Acquires Stake in Shetland License

A 30 percent interest in license P1026 on the UK continental shelf west of Shetland has been acquired by Statoil under a farm-in agreement with operator ChevronTexaco.

This acreage covers blocks 213/26 and 213/27, which contain the Rosebank and Lochnagar prospects 150 kilometers from land on the Atlantic margin.

As part of the deal, Dansk Olie og Naturgas (Dong) is also acquiring 10 percent of the license. OMV retains 20 percent and ChevronTexaco 40 percent.

The partners plan to drill an exploration well in block 213/27 this summer, and a letter of intent has been issued to Smedvig Offshore to use the West Navigator drill ship.