Statoil Seeks New Acreage on Norwegian Continental Shelf
Statoil has delivered its application for the 23rd licensing round on the Norwegian continental shelf to the Norwegian authorities, signaling its intent to bolster its asset portfolio in the region.
The 23rd licensing round was announced by the Norwegian Ministry of Petroleum and Energy Jan. 20. Fifty-seven blocks/parts of blocks are being offered in this round, of which three are in the Norwegian Sea and 54 in the Barents Sea. In a company statement, Statoil said that “the NCS is the backbone of Statoil and Statoil has an ambition to maintain production at current levels through to 2025-2030 and beyond”. The round represents the first opening of new acreage on the NCS since 1994. It is expected that the Ministry of Petroleum and Energy will announce the awards by the first half of 2016.
Jez Averty, senior vice president of Norway exploration for Statoil, commented in a company statement:
“Statoil has been the guarantor for exploration and development in the Barents Sea since the mid-1980s and we have a clear ambition to remain in that role. The acreage offered is interesting and important and we hope we will earn the opportunity to drill as early as in 2017.
“Acreage in the 23rd round has significant volume potential, but nevertheless there is a debate where some say that these resources will not be commercial. We believe otherwise and our application is proof enough of that. Statoil’s preparations for our 23rd round application have included developing technology solutions that will reduce the break-even price per barrel for the significant discoveries we hope to make in the Barents Sea.”
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