Statoil awarded exploration acreage offshore Myanmar

Statoil

Together with partner ConocoPhillips, Statoil has been awarded a deepwater exploration block in the Myanmar waters of the Bay of Bengal. Block AD-10 cover more than 9,000 square kilometers, and is located 200 kilometers from the coast in water depths of approximately 2,000 meters. The license has been awarded to Statoil and ConocoPhillips, each with a 50% equity share and with Statoil as the operator.

"This is a large and virtually unexplored area in a basin with a proven petroleum system and thick sedimentary deposits,” said Erling Vågnes, senior vice president for Statoil’s exploration in the Eastern Hemisphere. “With this award, we have accessed at scale in another frontier acreage with significant upside, in line with our exploration strategy."

The award represents a new country entry for Statoil, which is now operating in 34 countries. Statoil has committed to environmental and social impact studies and acquiring new 2D seismic during the first study period of 2.5 years. After this, the partnership will decide whether or not to enter a three-year exploration period.



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