Success in 17th round awards

May 30, 2002, 15:30 CEST

Awards made to Statoil today, 30 May, under Norway’s 17th offshore licensing round are in line with the group’s targets for these Norwegian Sea allocations.

The group has been offered the operatorship and 30 per cent of production licence 281, which covers deepwater blocks 6405/4, 6405/7 and 6405/10 on the Grip Ridge north of the Ormen Lange discovery. These blocks have a water depth of between 700 and 900 metres.

In addition, Statoil stands to receive a 20 per cent interest in PL 282, a “seismic option” with Shell as operator covering deepwater blocks 6504/6, 6505/1, 6505/2, 6505/4 and 6505/5.

“We’ve got what we wanted,” says Kent Høgseth, Statoil’s project manager for the 17th round. “Good team work has paid off with the most attractive acreage.

“A deepwater operatorship is very important for us in this round because it could provide valuable experience with such developments – providing we find anything.”

He characterises the PL 281 structure as promising, and expects that the group can spud its first well there next year.

Shell, Statoil’s partner in applying for this licence, has received 20 per cent in licence 281. BP was offered 20 per cent, Phillips gets 10 per cent, while Petoro gets 20 per cent.

In PL 282, which does not involve any drilling commitment, Shell is being offered 30 per cent, Norsk Hydro 25 per cent and RWE-DEA 25 per cent. These blocks have a water depth of about 1,000 metres.

See the press release from the Ministry of Petroleum and Energy.