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.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...