OTC14: Statoil starts GOM campaign

May 7, 2014

Statoil has started its latest Gulf of Mexico exploration campaign with a well on Martin, a high-impact prospect, started on 20 April.

The Martin prospect is in about 2916ft (890m) water depth in Mississippi Canyon 718, in the Greater Mars basin, about 205km south-southeast of New Orleans. It is being drilled using the Maersk Developer semisubmersible drilling rig. 

"We consider Martin one of the top prospects in our global portfolio," says Jez Averty, senior vice president of exploration for Statoil in North America. "Since acquiring this prospect in 2012, we've advanced it in 20 months, which is considerably faster than the normal maturation time."

In addition to its active exploration program, Statoil is a partner in many of the largest Gulf of Mexico fields under development, including Jack, St. Malo, Big Foot, Julia, Vito, and Stampede.

"We're committed to profitability growing our business in North America," said Bill Maloney, Statoil executive vice president of its North America operations. "Having a strong and robust exploration program is essential for long-term growth, and we're very excited to begin this latest drilling campaign in the Gulf of Mexico."

In a speech at a private reception during the Offshore Technology Conference (OTC) in Houston, Maloney explained that Statoil's growth in North America has been methodical and incremental. The company has made strategic acquisitions in onshore and offshore plays while building its midstream capacity.  The company has been active in North America for 25 years.

Statoil is headquartered in Norway with 23,000 employees worldwide, and is listed on the New York and Oslo stock exchanges.



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