Exploring offshore Canada
Chevron and Statoil have also finalized another agreement for exploration activities in the Canadian Beaufort Sea. These new joint ventures over large blocks in deep water represent important strategic steps for all three companies.
"These agreements significantly strengthen our exploration position in Atlantic Canada and in the Beaufort Sea and reaffirm our commitment to achieving long-term growth in Canada," said Chevron Canada President Jeff Lehrmann. "We look forward to working with Statoil and Repsol to achieve exploration success in these highly prospective basins," Lehrmann added.
"These agreements add new acreage to Statoil's already extensive Arctic portfolio" said Tim Dodson, Executive Vice President for Exploration in Statoil. "Strengthening our position in the Flemish Pass Basin and obtaining early entrance to the Orphan Basin and Beaufort Sea provides us access to large potential resources and increases the optionality of our exploration portfolio."
The Orphan Basin and Flemish Pass Basin agreements reflect Repsol's commitment to expanding its presence in North America, and in particular Canada's East Coast. The company is also looking forward to working with Chevron and Statoil to achieve exploration success in these highly prospective emerging frontier basins.
The specifics of the joint venture agreements are as follows:
- In a farmout arrangement, Repsol and Statoil will be participants in a planned 2012 Orphan Basin exploration well, offshore Newfoundland and Labrador (NL) on Exploration Licence 1074R (604,000 hectares).
- Chevron will be the operator with 65 percent equity interest. Repsol will have 20 percent and Statoil will have 15 percent.
Flemish Pass Basin:
- Chevron, Statoil and Repsol were recently named the successful bidders on two exploration parcels in the Flemish Pass Basin, offshore NL.
- The successful bids were for Parcel NL 11-02-01 (247,016 hectares) and NL 11-02-02 (186,780 hectares). The land parcels are located approximately 400 kilometres east of St. John's, NL, in water depths ranging from 700 to 2,600 metres.
- Statoil will be the operator with 50 percent equity interest. Chevron has 40 percent and Repsol has 10 percent.
- In a farmout arrangement, Statoil will participate with Chevron in a Beaufort Sea 3-D seismic program, tentatively scheduled for summer 2012.
- The proposed seismic program would comprise a 3-D survey of EL 460, a 2,060 square kilometre block located 120 kilometres offshore in water depths ranging from 800 to 1,800 metres.
- Chevron will be the operator with 60 percent equity interest; Statoil will have 40 percent.
Chevron Canada Limited, a wholly owned subsidiary of Chevron Corporation, is pursuing the development of oil and gas resources offshore Newfoundland and Labrador, in Alberta, and in the Northwest Territories. Chevron Corporation is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, Calif. For further information, please visit www.chevron.ca or www.chevron.com.
Statoil is an international energy company, headquartered in Norway, with operations in 36 countries. Building on more than 35 years of experience from oil and gas production on the Norwegian continental shelf, Statoil is committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions. Statoil has 20,000 employees worldwide, and is listed on the New York and Oslo stock exchanges. For further information, please visit www.statoil.com.
Repsol is a global energy company that is active in the hydrocarbon sector (exploration and production, refining and marketing) in over 30 countries. It also has a workforce of over 40,000 people from 70 different nationalities. It is one of the world's largest private oil companies and is the largest energy company in Latin America. It is the leader in refining and marketing in Spain and Argentina and the third largest private LPG distribution company in the world. Repsol is already present in Canada´s offshore exploration efforts in four blocks in the Jeanne d'Arc and Central Ridge basins.
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