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Statoil joins Cairn in two exploration licenses offshore Greenland

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Offshore staff

STAVANGER, Norway – Statoil has acquired 30.625% working interest in Cairn Energy’s Pitu license in Baffin Bay offshore western Greenland. Completion of the agreement pends partner and governmental approval from Greenland.

Cairn will continue as operator and retains a 56.875% working interest while partner Nunaoil will retain its carried (pre-development) interest of 12.5%.

Current work on the area includes interpretation of recent seismic data. This first exploration period ends on Dec 31, 2014.

The Pitu license adjoins two Shell-operated licenses, Anu and Napu, where Statoil has a working interest of 20.125% and 14.875%, respectively.

 Cairn Energy’s Pitu license in Baffin Bay offshore western Greenland.  

01/23/2012

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