Statoil bags new license offshore Indonesia

3/18/2015

STAVANGER, Norway -- Statoil has been awarded new exploration acreage through the Aru Trough I license offshore Indonesia.

The license covers an area of approximately 8,300 km2, adjacent to Statoil’s existing exploration acreage in the Aru and West Papua IV licenses. Statoil will operate the license with a 100% working interest.

Erling Vågnes, Statoil’s senior V.P. for exploration in the Eastern hemisphere, said, “This is low-cost access into a frontier area with considerable potential where Statoil is already present. This position strengthens the optionality in Statoil’s long-term portfolio and secures potential upsides from our existing exploration acreage.”

Statoil will initially collect seismic data during the first three years of the exploration period. The information obtained from the seismic survey will form the decision basis for Statoil’s next steps in the license.

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