Statoil receives second exploration block in Egypt

Uchenna Izundu
International Editor

LONDON, Dec. 28 -- Statoil ASA has conditionally secured its second deepwater exploration acreage west of Egypt's Nile Delta following the country's recent international licensing round.

Statoil has operatorship and an 80% working interest in Mediterranean Block 10 and will partner with Sonatrach International Petroleum Exploration & Production, which has the remaining 20% working interest.

For the offer to become final, Statoil must conclude its production-sharing agreement with the Egyptian government and secure final approval from Egypt's parliament.

Egypt 3 weeks ago granted Statoil operatorship of the 8,368-acre block and an 80% working interest in Block 9 in the same waters, which covers an area of 9,802 sq km. The blocks are in 1,000-3,000 m of water.

Geir Richardsen, Statoil's exploration manager for Egypt and Libya, said: "We'll enjoy major synergies in these two holdings. In practice, they will form a single exploration area." He said the deepwater areas offer major exploration challenges, "but we're convinced that our experience from deepwater regions worldwide equips us well to conduct a successful exploration program."

Egypt allocates blocks through bidding rounds, with awards determined on the basis of both technical and commercial parameters.

Egypt currently produces about 1.5 million boe/d, of which 60% is gas. Substantial discoveries in recent years have made Egypt a gas exporter.

Contact Uchenna Izundu at uchennai@pennwell.com.

Related Articles

Strike extends Sea Lion play off Falklands

04/02/2015 Premier Oil PLC will plug a discovery well on the Zebedee prospect after successfully testing a southward extension of its Sea Lion oil field under...

RFF speakers relay challenges faced by Alaskan offshore oil developers

04/02/2015 Significant problems ranging from the lack of deepwater ports and spill-response systems to potential impacts on wildlife and indigenous population...

Alberta tells Duvernay operators to watch for seismic events

04/01/2015 The Alberta Energy Regulator said oil and gas companies working in the Duvernay zone near the Fox Creek area are to monitor for seismic events, and...

Canada Briefs

04/01/2015

Permian Briefs

04/01/2015

Thompson elected as AFPM president

04/01/2015 Chet M. Thompson, a partner in Crowell & Moring LLP’s Washington office, will become the American Fuel & Petrochemical Manufacturers’ next ...

Matador Resources boosts Delaware basin assets

04/01/2015 Matador Resources Co. of Dallas finalized its acquisition of Harvey E. Yates Co. (HEYCO), a subsidiary of HEYCO Energy Group Inc., including oil an...

OOGA focused on developing more markets for Utica gas

04/01/2015 The development of markets for Utica gas is a priority for recently appointed Ohio Oil and Gas Association’s Executive Vice-President Shawn Bennett.

Schneider tries to reassure industry about DOI’s regulatory plans

04/01/2015 The US Department of the Interior is committed to developing federal oil and gas resources and wants to engage producers more aggressively to deter...
White Papers

Pipeline Integrity: Best Practices to Prevent, Detect, and Mitigate Commodity Releases

Commodity releases can have catastrophic consequences, so ensuring pipeline integrity is crucial for p...
Sponsored by

AVEVA’s Digital Asset Approach - Defining a new era of collaboration in capital projects and asset operations

There is constant, intensive change in the capital projects and asset life cycle management. New chall...
Sponsored by

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by

Asset Decommissioning in Oil & Gas: Transforming Business

Asset intensive organizations like Oil and Gas have their own industry specific challenges when it com...
Sponsored by

Squeezing the Green: How to Cut Petroleum Downstream Costs and Optimize Processing Efficiencies with Enterprise Project Portfolio Management Solutions

As the downstream petroleum industry grapples with change in every sector and at every level, includin...
Sponsored by

7 Steps to Improve Oil & Gas Asset Decommissioning

Global competition and volatile markets are creating a challenging business climate for project based ...
Sponsored by

The impact of aging infrastructure in process manufacturing industries

Process manufacturing companies in the oil and gas, utilities, chemicals and natural resource industri...
Sponsored by

What is System Level Thermo-Fluid Analysis?

This paper will explain some of the fundamentals of System Level Thermo-Fluid Analysis and demonstrate...
Available Webcasts


Cognitive Solutions for Upstream Oil and Gas

When Fri, Jun 12, 2015

The oil & gas sector is under pressure on all sides. Reserves are limited and it’s becoming increasingly expensive to find and extract new resources. Margins are already being squeezed in an industry where one wrong decision can cost millions. Analyzing data used in energy exploration can save millions of dollars as we develop ways to predict where and how to extract the world’s massive energy reserves.

This session with IBM Subject Matter Experts will discuss how IBM Cognitive Solutions contribute to the oil and gas industry using predictive analytics and cognitive computing, as well as real time streaming for exploration and drilling.

register:WEBCAST


The Alternative Fuel Movement: Four Need-to-Know Excise Tax Complexities

When Thu, Jun 4, 2015

Discussion on how to approach, and ultimately embrace, the alternative fuel market by pulling back the veil on excise tax complexities. Taxes may be an aggravating part of daily operations, but their accuracy is crucial in your path towards business success.

register:WEBCAST



On Demand

Prevention, Detection and Mitigation of pipeline leaks in the modern world

Thu, Apr 30, 2015

Preventing, detecting and mitigating leaks or commodity releases from pipelines are a top priority for all pipeline companies. This presentation will look at various aspects related to preventing, detecting and mitigating pipeline commodity releases from a generic and conceptual point of view, while at the same time look at the variety of offerings available from Schneider Electric to meet some of the requirements associated with pipeline integrity management. 

register:WEBCAST


Global LNG: Adjusting to New Realities

Fri, Mar 20, 2015

Oil & Gas Journal’s March 20, 2015, webcast will look at how global LNG trade will be affected over the next 12-24 months by falling crude oil prices and changing patterns and pressures of demand. Will US LNG production play a role in balancing markets? Or will it add to a growing global oversupply of LNG for markets remote from easier natural gas supply? Will new buyers with marginal credit, smaller requirements, or great need for flexibility begin to look attractive to suppliers? How will high-cost, mega-projects in Australia respond to new construction cost trends?

register:WEBCAST


Emerson Micro Motion Videos

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected