Statoil & Partners Win Offshore Canada Bid

November 16, 2011

(Image courtesy Statoil)

Statoil, Chevron Canada and Repsol E&P Canada have been named the successful bidders for exploration rights on two land parcels in the Flemish Pass Basin, offshore Newfoundland and Labrador, Canada. This was the result of a land sale issued by the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB). The land parcels are located west of Statoil’s Mizzen discovery in the Flemish Pass Basin. Statoil will be the operator of both licences with a 50 % interest. Chevron Canada has 40 % and Repsol E&P Canada has 10%. "Statoil is continuing to invest in the resource potential of offshore Newfoundland and Labrador,” says Erik Finnstrom, senior vice president for Exploration North America in Statoil. "We are pleased to learn that we have been successful expanding our already strong portfolio 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.”

In 2011, Statoil operated an exploration program on its Fiddlehead prospect in the Jeanne d'Arc Basin and on its Mizzen discovery in the Flemish Pass Basin, as well as conducted a seismic program on its EL 1123 licence. Statoil also participated in the Suncor Energy-operated, Ballicatters discovery in the Jeanne d’Arc Basin.

“Step by step, we have built a solid resource base so we can become a producing operator offshore Newfoundland,” adds Finnstrom. “We look forward to exploring these new opportunities with our partners in close cooperation with the regulatory authorities.” Statoil is also an interest holder in two producing offshore fields, Terra Nova and Hibernia, and in the field developments of Hibernia Southern Extension and Hebron.

(Source: Statoil)