The licence covers an area of approximately 8,300 square kilometres, adjacent to Statoil’s existing exploration acreage in the Aru and West Papua IV licences. Statoil will operate the licence with a 100% working interest.
Erling Vågnes, Statoil’s senior vice president for exploration in the Eastern hemisphere. (Photo: Ole Jørgen Bratland)
“This is a low-cost access into a frontier area with considerable potential where Statoil is already present. This position strengthens the optionality in Statoil’s long-term portfolio and secures potential upsides from our existing exploration acreage,” says Erling Vågnes, Statoil’s senior vice president for exploration in the Eastern hemisphere.
Statoil will initially collect seismic data during the first three years of the exploration period. The information obtained from the seismic survey will form the decision basis for Statoil’s next steps in the licence.