Statoil acquires North Sea interests from Enterprise Oil

Norway's Statoil ASA has acquired interests in two Norwegian North Sea licenses from Enterprise Oil Norge, a wholly owned subsidiary of Norske Shell.

April 24, 2003

By OGJ editors

HOUSTON, Apr. 24 -- Norway's Statoil ASA has acquired interests in two Norwegian North Sea licenses from Enterprise Oil Norge, a wholly owned subsidiary of Norske Shell.

Based on the deal, Statoil will acquire a 50% holding in production licenses 001B and 028B, which cover Blocks 16/1 and 25/10 about 25 km southwest of Norsk Hydro's Grane field. Esso Norge AS holds the remaining interest in the licenses.

In 1997, a small oil and gas discovery was made in PL 028B and given the name Hanz (OGJ, July 7, 1997, p. 79).

The leases "represent an interesting exploration area" for Statoil in connection with its drilling plans on Block 16/1 in PL 167, said Øyvind Dahl Stamnes, Statoil's new area exploration manager in the North Sea.

Results from the program—which will begin this summer—"will be decisive for continued activity" in the new licenses Statoil is currently farming into, Stamnes said.