Statoil Gets Exploration Rights Offshore Canada

(Dow Jones Newswires), Nov. 16, 2011

Norwegian oil and gas major Statoil Wednesday said it has gained exploration rights on two land parcels offshore Canada together with Chevron Canada and Repsol E&P Canada.

In a land sale issued by the Canada-Newfoundland and Labrador Offshore Petroleum Board, the firms have been named the successful bidders on two land parcels in the Flemish Pass Basin, offshore Newfoundland and Labrador in Canada. The land is located west of Statoil's Mizzen discovery in the Flemish Pass Basin.

"This offers promising growth opportunities near our Mizzen discovery, deepens our exploration portfolio in the region, and supports Statoil's ambition of building material positions in new offshore clusters," said Erik Finnstrom, senior vice president for Exploration North America in Statoil.

The Norwegian oil and gas giant will be the operator of both licenses with a 50% interest. Chevron Canada owns 40% and Repsol E&P Canada has a 10% stake.

Copyright (c) 2011 Dow Jones & Company, Inc.


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