Statoil acquires Chukchi Sea interests

Statoil is acquiring a 25% working interest in 50 ConocoPhillips leases acquired in the Chukchi Sea federal OCS lease sale in 2008.

Offshore staff

OSLO -- Statoil is acquiring a 25% working interest in 50 ConocoPhillips leases acquired in the Chukchi Sea federal OCS lease sale in 2008. ConocoPhillips will retain operatorship and a majority working interest in the leases.

In addition to financial considerations from Statoil, ConocoPhillips will acquire a 50% working interest in 16 Statoil-operated Gulf of Mexico blocks and acquire all of Statoil’s 25% working interest in five additional GoM blocks (operated by ConocoPhillips).

ConocoPhillips' initial drilling in the Chukchi Sea is scheduled for 2012.

“The Chukchi Sea in Alaska is a new frontier area for all operators and I believe that companies like Statoil and ConocoPhillips are among the best companies to take on this exciting journey together,” says Tony Dore, head of Statoil’s exploration group in North America. “By adding on these leases to the 16 we already have in Chukchi, we have now acquired a sizable acreage portfolio to explore in the coming years.”

01/25/2010

Other Chukchi Sea stories:
MMS approves Shell's Chukchi Sea drilling plans
Fugro GeoServices completes fieldwork for Chukchi Sea survey

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