Statoil, ExxonMobil swap exploration license interests off Norway

Jan. 17, 2002
Statoil ASA and ExxonMobil Corp. have exchanged interests in exploration licenses on the Norwegian continental shelf.

By the OGJ Online Staff

HOUSTON, Jan. 17 -- Statoil ASA and ExxonMobil Corp. have exchanged interests in licenses on the Norwegian continental shelf.

On Jan. 1 Statoil took over operatorship and a 20% stake in the F Prospect of the Barents Sea from ExxonMobil. The area, 150 km east of the Statoil-operated Sn?hvit field, consists of three exploration licenses.

Statoil Exploration Vice-Pres. Yngve Vassmyr said, "The transaction will strengthen Statoil's position in the Barents Sea, where there is potential for major oil and gas finds. If the F Prospect is shown to contain gas, this could also contribute to the development of the Sn?hvit field."

Statoil also received 11.1% of an exploration license in Block 33/1 (production license 152) on Tampen in the North Sea. Tampen is one of the group's core areas on the Norwegian continental shelf and is also the home of Statfjord and Gullfaks fields. Statoil will have 100% of production license PL 152 when the exchange is completed.

In return, ExxonMobil has received 3% in an exploration area near the Norsk Hydro operated Grane field in the south of the Norwegian sector of the North Sea. Statoil sold its ownership of Grane field last year but kept 15% of the exploration part of production license 169. Following the exchange Statoil's share will be12%.

ExxonMobil is heavily involved in Grane, Jotun, Balder, and Ringhorn fields in the area.