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Statoil awarded exploration acreage offshore Myanmar

STAVANGER, Norway -- Together with partner ConocoPhillips, Statoil has been awarded a deepwater exploration block in the Myanmar waters of the Bay of Bengal.

Block AD-10 cover more than 9,000 sq km, and is located 200 km from the coast in water depths of approximately 2,000 m. The license has been awarded to Statoil and ConocoPhillips, each with a 50% equity share and with Statoil as the operator.

"This is a large and virtually unexplored area in a basin with a proven petroleum system and thick sedimentary deposits. With this award, we have accessed at scale in another frontier acreage with significant upside, in line with our exploration strategy," says Erling Vågnes, senior V.P. for Statoil’s exploration in the Eastern hemisphere.

The award represents a new country entry for Statoil, now operating in 34 countries.

Statoil has committed to environmental and social impact studies and acquiring new 2D seismic during the first study period of 2,5 years. After this the partnership will decide whether or not to enter a three year exploration period.

"Our first steps will be to engage with the appropriate agencies and stakeholders and conduct the studies necessary for safe and secure acquisition of new seismic data. This is a long-term opportunity with high subsurface risk, but with high-impact potential," says Vågnes.

03/26/2014

 

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