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BG Group to explore offshore Newfoundland

Written by  OE Staff Monday, 28 September 2015 11:23

BG Group has acquired three non-operated positions offshore Newfoundland from Repsol. This provides the company with access to early stage exploration in a proven prospective basin ahead of the first well being drilled later this year.

The blocks are located in the Atlantic Ocean, approximately 200km from St. John's, Newfoundland. The company's equity stakes range from 10-25%.

This opportunity is in line with the company's strategic exploration focus to enter new basins.

In Block EL1123 BG Group owns 25% with operator partner being Statoil. In Block EL1125, BG Group carries 10% interest and partners are Statoil and Chevron. Statoil is also operator. In Block EL1126, BG Group carries 10% interest. Partners include Statoil (operator) and Chevron. 

Image: A tug tows an iceberg away from a possible collision with an oil platform offshore Newfoundland/iStock

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