Statoil enters Colombia by securing offshore license

Statoil ASA has been awarded 33.33% interest in the COL4 license offshore Colombia in the Caribbean Sea during the 2014 Colombia Licensing Round, marking the Norwegian company’s entry into the South American country.

ExxonMobil Exploration Colombia will also hold 33.33% interest in the license, while Spain’s Repsol SA will serve as operator with 33.34%. The award is subject to the final approval of the National Hydrocarbons Agency of Colombia (ANH).

“Deepwater offshore Colombia is virtually untested,” said Nick Maden, Statoil senior vice-president for exploration activities in the Western Hemisphere, adding, “The award of new acreage in this frontier area is in line with our exploration strategy of early access at scale.”

Statoil says entry comprises an early exploration phase, and initial working commitments include 2D and 3D seismic acquisition. There are no well commitments during the first exploration phase.

The US Energy Information Administration notes that Colombia has seen a dramatic increase in oil and natural gas production in recent years due to a series of regulatory reforms. Total oil production in the country surpassed 1 million b/d in 2013, while natural gas production surpassed 400 bcf in 2012.

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