Together with partner ConocoPhillips, Statoil has been awarded a deep-water exploration block in the Myanmar waters of Bay of Bengal, the Norwegian company said Wednesday in its press release.
Block AD-10 cover more than 9,000 km2, and is located 200 km 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.
The award represents a new country entry for Statoil, 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.
"Our first steps will be to engage with the appropriate agencies and stakeholders and conduct the studies necessary for safe and secure acquisition of new seismic data. This is a long-term opportunity with high subsurface risk, but with high-impact potential," says Erling Vågnes, senior vice president for Statoil’s exploration in the Eastern hemisphere.
Stavanger, Norway headquartered Statoil ASA, is a Norwegian multinational oil and gas company with operations in thirty-six countries. Statoil was formed by the 2007 merger of Statoil with the oil and gas division of Norsk Hydro. The company has about 23,000 employees. The Government of Norway is the largest shareholder in Statoil with 67% of the shares, while the rest is public stock.
All news