Statoil has been awarded six licensing options in Ireland’s 2015 Atlantic Margin Licensing Round. Statoil will operate four of the licensing options and partner in two operated by Exxon Mobil.
The six licensing options awarded to Statoil total about 7,700 sq km in the Porcupine Basin in water depths ranging between 1,100 m and 3,150 m.
Statoil and Exxon Mobil each hold 50% equity in all the licensing options.
Work programme commitments are limited to 2-D and 3-D seismic surveys to be acquired during 2016 and 2017. The analysis of that seismic data will then determine whether the company will seek to convert the licensing options into frontier exploration licenses, enabling possible exploration drilling at a later stage.
“We are pleased with these awards that will see Statoil reentering the Irish exploration scene. This supports Statoil’s exploration strategy of early access at scale and enables us to apply the exploration knowledge and experience we have gained globally and specifically on the conjugate margin offshore Newfoundland. We look forward to working with Exxon Mobil on exploring these opportunities,” said Erling Vågnes, senior vice president, exploration Northern Hemisphere at Statoil.
Statoil has had a presence in Ireland since 1992. Currently, the company’s main asset in Ireland is a 36.5% interest in the Shell-operated Corrib (SEN, 32/20) gas field off the country’s northwest coast.
Recommended Reading
Matador Stock Offering to Pay for New Permian A&D—Analyst
2024-03-26 - Matador Resources is offering more than 5 million shares of stock for proceeds of $347 million to pay for newly disclosed transactions in Texas and New Mexico.
CEO: Coterra ‘Deeply Curious’ on M&A Amid E&P Consolidation Wave
2024-02-26 - Coterra Energy has yet to get in on the large-scale M&A wave sweeping across the Lower 48—but CEO Tom Jorden said Coterra is keeping an eye on acquisition opportunities.
Matador Resources Announces Quarterly Cash Dividend
2024-04-18 - Matador Resources’ dividend is payable on June 7 to shareholders of record by May 17.
Matador Resources Declares Quarterly Dividend
2024-02-14 - Matador Resources will pay a $0.20 dividend on March 13 to shareholders of record by Feb. 23.
The One Where EOG’s Stock Tanked
2024-02-23 - A rare earnings miss pushed the wildcatter’s stock down as much as 6%, while larger and smaller peers’ share prices were mostly unchanged. One analyst asked if EOG is like Narcissus.