Statoil and Tullow Norge have entered an agreement for Statoil to increase its equity in four licenses on the Norwegian continental shelf (NCS), which includes the Wisting discovery in the Barents Sea.
The deal includes Tullow transferring: 20% stake in the Hoop (Wisting) area in PL537 that will see Statoil own 35% stake; 20% stake in the Hoop area in PL855 with Statoil to hold 55% stake; 40% stake in the Tromsøflaket area in the Norwegian Sea that will give Statoil 40% stake; and 20% stake in PL843 in the Norwegian Sea, giving Statoil 40% stake.
“This transaction reflects our strong belief in the exploration potential on the Norwegian continental shelf and our commitment to create value in the Barents Sea,” Jez Averty, Statoil senior VP for exploration in Norway and UK said.
Through this transaction Statoil becomes the biggest equity holder in the Wisting discovery, so far the only big discovery in the Hoop area of the Barents Sea.
Statoil has a strong position in the Hoop area and sees further exploration potential which can bring synergies to the area.
“We wish to contribute with our experience, competence and technology to ensure an efficient and profitable development of the Wisting-discovery. Statoil has developed new technologies such as the Cap-X subsea concept and promoted industry cooperation through the Barents Sea Exploration Collaboration (BaSEC) in order to deliver safe and efficient operations,” Averty said.
New, substantial discoveries are required to maintain the production on the NCS, and resource additions from Northern Norway are central in reaching this target. The NPD estimates the Wisting discovery to contain 241 MMboe of recoverable resources.
The agreement also gives access to interesting exploration prospects in the Norwegian Sea and the Barents Sea that will be matured for possible drilling in 2018.
The deal is subject to approval of the authorities.
Earlier today, Norwegian floating production firm Sevan Marine was awarded a study to evaluate use of its cylindrical hull design for use on the Wisting field, the northernmost oil discovery offshore Norway.
Read more:
Sevan FPSO potential for Wisting
Map of the Wisting area, from Statoil.
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