High-grading the portfolio in the US Gulf of Mexico

March 17, 2010, 17:49 CET

"The lease sales are important events for us to high-grade our portfolio and to acquire new promising acreage", explains Helen Butcher, Statoil exploration manager for the US Gulf of Mexico.

"This year we have concentrated our efforts in and around areas where we already have promising exploration leads and prospects", she adds.
Statoil is now one of the largest leaseholder in deepwater Gulf of Mexico. Four projects are scheduled to be sanctioned this year including the Chevron operated developments Jack and St. Malo.
Lease sale 213 is part of the current schedule of the Mineral Management Service (MMS) in New Orleans. A total of 67 companies participated in the sale.

Statoil's winning bids are subject to review and final approval by the MMS which can take up to 90 days.

Statoil is already a world leading offshore oil and gas company and is by this lease sale further strengthening its global exploration portfolio.