Statoil is expanding its presence offshore Indonesia with a new awarded exploration license in which the company will operate and own 100%.
The new license, the Aru Trough I, covers an area of about 8300sq km and is located near Statoil’s existing exploration acreage in the Aru and West Papua IV licenses.
Statoil’s plan is to collect seismic data during the first three years of the exploration period, to help the company form a decision for the next steps in the license.
“This is a low-cost access into a frontier area with considerable potential where Statoil is already present,” says Erling Vågnes, Statoil senior VP for exploration in the Eastern hemisphere.“This position strengthens the optionality in Statoil’s long-term portfolio and secures potential upsides from our existing exploration acreage.”
Statoil established its Indonesia office in 2007.
Map from Statoil.
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