STAVANGER, Norway– Statoil ASA has signed farm-in agreements with Repsol for deepwater licenses offshore Colombia.
The first license, Tayrona, covers an area of 16,500 sq km (6,371 sq mi) and is located in water depths of 164 to 4,921 ft (50 to 1,500 m). Operated by Petrobras (40%), Statoil acquired a 10% stake which includes the on-going Orca-1 exploration well. Repsol retains a 20% stake of the license after farming down 10% to Statoil. Ecopetrol holds the remaining 30%.
Statoil also acquired a 20% equity stake in the Guajira offshore 1 license (GUA OFF-1), which is operated by Repsol (30%). The remaining 50% is held by Ecopetrol. The license spans 12,200 sq km (4,710 sq mi) and is located in water depths of 4,921 to 11,483 ft (1,500 to 3,500 m).
Repsol has acquired a 2D seismic survey in the license area, and is expected to start a 3D seismic survey later this year.
“We are gaining access to a vast underexplored frontier area through early access at scale, which is in line with Statoil’s exploration strategy,” said Nick Maden, senior vice president for Statoil’s exploration activities in the Western Hemisphere.
In July 2014, Statoil announced that it had been awarded interest in theCOL4 license. Repsol is the operator with a 33.34% equity interest. Statoil and ExxonMobil Exploration Colombia each hold 33.33% interests in the license.