Statoil to buy 70% of license in UK North Sea

Statoil ASA is to acquire 70% ownership and operatorship in the P.2170 license in the UK North Sea from Jersey Oil & Gas PLC and CIECO Exploration & Production (UK) Ltd.

The license, including Blocks 20/5b and 21/1d, is in the Buchan Graben in the Outer Moray Firth offshore Scotland (OGJ Online, Aug. 8, 2016). Statoil said it could “potentially” drill on the license in 2017.

Statoil cited nearby oil finds at Buzzard, Buchan, and Ettrick.

The sales and purchase agreement is subject to approval by the Oil and Gas Authority. Jersey Oil & Gas will retain 18% and CIECO, 12%. The agreement is for $2 million in cash; Jersey said it will receive $1.2 million.

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