Statoil details Canada exploration programs

Statoil has concluded agreements with Chevron and Repsol related to exploration offshore eastern Canada.

Chevron and Statoil have also finalized another agreement in the Canadian Beaufort Sea. The new ventures cover large deepwater blocks.

Under a farm-out arrangement, Repsol and Statoil will participate in an exploration well planned this year on license 1074R, operated by Chevron, in the Orphan basin offshore Newfoundland and Labrador.

In the Flemish Pass basin, also off Newfoundland and Labrador, Chevron, Statoil, and Repsol were recently the successful bidders for exploration parcels NL 11-02-01 and NL 11-02-02.  Both are around 400 km (248 mi) east of St. John's in water depths ranging from 700-2,600 m (2,296-8,530 ft). Here Statoil will operate with a 50% interest.

Following another farm-out, Statoil will participate with Chevron in a 3D seismic acquisition program in the Beaufort Sea, provisionally scheduled for this summer.

This will be performed on EL 460, a 2,060-sq km (795-sq mi) block 120 km (74.5 mi) offshore in water depths ranging from 800-1,800 m (2,624-5,905 ft).

Chevron will operate with a 60% equity interest, the remainder held by Statoil.



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