Statoil teams with Hess in deepwater offshore Ghana

Offshore staff

STAVANGER, Norway – Statoil (OSE:STL, NYSE:STO) has farmed into a deepwater license operated by Hess (HES:NYSE) offshore Ghana.

The Deepwater Tano/Cape Three Points (DWT/CTP) concession, awarded in 2006, covers an area of 2,100 sq km (811 sq mi), just south of the license containing the producing Jubilee field.

To date Hess and partner GNPC have drilled two wells, with a third, Hickory North-1, under way. Statoil will pay a capped promote on this well, which is being drilled by the drillship Stena DrillMAX

Statoil will take a 35% interest in the license and carry a proportional share of GNPC’s interest, amounting to a total paying interest of 38.89%. Hess will retain a 55% working interest.

4/25/2012

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