Statoil awarded exploration permit offshore New Zealand

12/5/2013

Statoil awarded exploration permit offshore New Zealand 

STAVANGER, Norway -- Statoil has obtained 100% equity share in an exploration permit in the Reinga-Northland Offshore Release Area in the New Zealand Block Offer 2013.

The permit covers approximately 10,000 sq km and is located approximately 100 km from shore to the west of New Zealand's North Island, in water depths ranging from 1,000 to 2,000 meters.

"We are very pleased with the award, which is in line with the sharpened exploration strategy Statoil has pursued over the last three years,” says Erling Vågnes, senior V.P. for Statoil's exploration activities in the eastern hemisphere.

The work program is designed to fully evaluate the prospectivity of the permit in a staged manner within the 15-year permit timeframe. Statoil is committed to collect new 2D seismic data and to undertake a multibeam seafloor survey with selected core samples within the first three years. Following an analysis and interpretation of this data, Statoil will decide on further steps.

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