Statoil ups Vøring area stakes

Statoil has agreed to buy stakes in production license 602, close to the Aasta Hansteen development project, in the Norwegian Sea from Norwegian exploration firm Rocksource and Faroese explorer Atlantic Petroleum. 

Statoil will take Rocksource’s 10% stake in PL602 and 2.5% of Atlantic’s 10% stake in the license. The partnership has also made a decision to drill a well on the Roald Rygg prospect on the license in 2015. 

PL602 is in the VStatoil has agreed to buy stakes in production license 602 in the Norwegian Sea from Norwegian exploration firm Rocksource and Icelandic explorer Atlantic Petroleum. 

ring Basin, immediately west of the Statoil operated Aasta Hansteen field development, expected to come on stream in 2017. The license contains several prospects and leads within the same play model already proven by the Luva, Haklang and Snefrid discoveries, which comprise the Aasta Hansteen development.

The current partnership on PL602 consists of Statoil (operator, 30%), Centrica (20%), Petoro (20%), Wintershall (10%), Atlantic Petroleum (10%) and Rocksource (10%).

In addition to its 2.5% interest in PL602 from Atlantic, Statoil, will also get an option to enter in to three other exploration licenses in Atlantic’s portfolio (PL704, PL705 and PL802).

Atlantic CEO Ben Arabo says: “The farm down to Statoil is part of our wider strategy to realize value in our exploration assets at an early stage. Funds from this transaction will be utilized across our portfolio.”

The transactions are subject to government approval.

In a separate announcement, Atlantic announced that the firm had entered into a farm down option deal with Statoil to sell 20% WI in PL704 and PL705 and 10% in PL802 licenses in the Vøring Basin. Atlantic Petroleum currently holds 30% in PL704 and PL705, and 20% in PL802.

PL704, PL705 and PL802 are in the western part of the Vøring Basin, close to the Asterix gas discovery. A drill or drop decision will be taken by the partnership during the spring 2015 for the PL705 license, and given a positive decision, a well is planned for 2016.