Statoil, along with its partners, Chevron, ExxonMobil, BP and BG Group have successfully bid for six exploration licences in the Flemish Pass Basin, offshore Newfoundland, and two licences offshore Nova Scotia in Canada.
With the bids, Statoil believes that it will strengthen its position for the long-term in the Canadian offshore.
“The successful bids in these frontier areas offshore Canada are in line with Statoil’s strategy of deepening our position in prolific basins and securing access at scale, while also adding important optionality to our exploration portfolio,” said Tim Dodson, executive vice president for Exploration at Statoil.
The licences offshore Newfoundland total 1,466,918 hectares or 14,670 sq km, and are located in an area in proximity to the Statoil-operated Bay du Nord discovery. Statoil will operate five licences, and participate in one licence as a partner.
The offshore Newfoundland licences awarded are as follows:
NL15-01-02: Chevron 35 per cent (operator); Statoil 35 per cent; BG 30 per cent (274,732 hectares)
NL15-01-05: Statoil: 40 per cent; Exxon Mobil 35 per cent; BG 25 per cent (267,403 hectares)
NL15-01-06 Statoil 34 per cent; Exxon Mobil 33 per cent; BP 33 per cent (262,230 hectares)
NL15-01-07: Statoil 34 per cent; Exxon Mobil 33 per cent; BP 33 per cent (254,321 hectares)
NL15-01-08: Statoil 50 per cent; BP 50 per cent (268,755 hectares)
NL15-01-09: Statoil 100 per cent (139,477 hectares)
The licences offshore Nova Scotia (NS15-1 Parcels 1 and 2) cover an area totalling 650,000 hectares (6,500 sq km), and are located approximately 250 km from Halifax, Nova Scotia.
“The significant exploration investment offshore Newfoundland will provide Statoil an opportunity to further advance our established exploration position in this region through a step-wise approach, while in Nova Scotia, we are able to apply the exploration knowledge and experience we have gained globally and in the North Atlantic specifically,” said Dodson.
Statoil holds an extensive position in the Flemish Pass Basin, and the licences awarded support developing the company’s exploration portfolio in an environment where Statoil is experienced. The licences awarded are located in an area near to Statoil’s previous discoveries in the Flemish Pass Basin – the Mizzen discovery was made in 2009, and Harpoon and Bay du Nord were both discovered in 2013.
Starting in November 2014, Statoil has been carrying out an 18-month exploration drilling programme in the Flemish Pass. The programme will appraise the Bay du Nord discovery and also test new prospects in the greater Basin area. Statoil is the operator of the Bay du Nord discovery with a 65 per cent interest, and Husky Energy has a 35 per cent interest.