Statoil has re-entered the Irish exploration region after being awarded six Licensing Options in Ireland’s 2015 Atlantic Margin Licensing Round.
The company will be the operator of four Licensing Options and partner in two Licensing Options, operated by ExxonMobil Exploration and Production Ireland (Offshore South) Limited.
The Irish authorities have published a map with grid locations for the licensing options awarded in the first phase of this licensing round.
Statoil has had a presence in Ireland since 1992. It’s current main asset in Ireland is a 36.5% interest in the Shell operated Corrib gas field off the country’s north-west coast.
The six Licensing Options awarded to Statoil total approximately 7,700 km2 in the Porcupine Basin in water depths ranging between 1,100 and 3,150 meters.
Statoil and ExxonMobil each hold 50% equity in all the licensing options.
Work programme commitments are limited to 2D and 3D 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.
Senior vice president of exploration Erling Vågnes said: “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 ExxonMobil on exploring these opportunities,”.
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