Statoil ASA and its partners have won six exploration licenses in the Flemish Pass Basin, offshore Newfoundland, and two licenses offshore Nova Scotia. Statoil was the most active bidder, committing approximately C$1.29 billion ($969 million) for the licenses.
The licenses offshore Newfoundland total 1,466,918 hectares (14,670 square kilometers), and are located in an area in proximity to the Statoil-operated Bay du Nord discovery. Statoil will operate five licenses, and participate in one license as a partner.
The offshore Newfoundland licenses awarded are as follows:
- NL15-01-02: Chevron 35% (operator); Statoil 35%; BG 30%
- NL15-01-05: Statoil: 40%; Exxon Mobil 35%; BG 25%
- NL15-01-06 Statoil 34%; Exxon Mobil 33%; BP 33%
- NL15-01-07: Statoil 34%; Exxon Mobil 33%; BP 33%
- NL15-01-08: Statoil 50%; BP 50%
- NL15-01-09: Statoil 100%
The licenses offshore Nova Scotia (NS15-1 Parcels 1 and 2) cover an area totaling 650,000 hectares (6,500 square kilometers), and are located 250 kilometers from Halifax, Nova Scotia.
“The successful bids in these frontier areas offshore Canada are in line with Statoil’s strategy of deepening our position in prolific basins and securing access at scale, while also adding important optionality to our exploration portfolio,” said Tim Dodson, Statoil’s executive vice president for exploration. “The significant exploration investment offshore Newfoundland will provide Statoil an opportunity to further advance our established exploration position in this region through a step-wise approach, while, in Nova Scotia, we are able to apply the exploration knowledge and experience we have gained globally and in the North Atlantic specifically.”
The licenses awarded are near Statoil’s previous discoveries in the Flemish Pass Basin – the Mizzen discovery was made in 2009, and Harpoon and Bay du Nord were both discovered in 2013. Starting in November 2014, Statoil has undertaken an 18-month exploration drilling program in the Flemish Pass. The program will appraise the Bay du Nord discovery and also test new prospects in the greater Basin area. Statoil is the operator of the Bay du Nord discovery with a 65% interest, and Husky Energy has a 35% interest.