ConocoPhillips, Statoil to explore Chukchi Sea

By OGJ editors
HOUSTON, Jan. 25 -- ConocoPhillips and Statoil USA E&P have entered into a deal for Statoil to acquire 25% working interest in 50 ConocoPhillips leases acquired in the Chukchi Sea OCS lease sale in 2008.

ConocoPhillips will retain operatorship and majority working interest in these leases.

Statoil and ConocoPhillips have conducted joint operations for more than 30 years on the Norwegian continental shelf (NCS). Their NCS operating experience provided both extensive expertise in tackling harsh environments as well as developing new technology to enhance recovery from existing fields.

“By adding on these leases to the 16 we already have in Chukchi, we have now acquired a sizable acreage portfolio to explore in the coming years,” said Tony Dore, heading up Statoil's exploration group in North America.

ConocoPhillips' initial drilling in the Chukchi Sea is scheduled for 2012.

In addition to undisclosed financial considerations from Statoil, ConocoPhillips will also acquire 50% working interest in 16 Statoil-operated Gulf of Mexico leases and acquire all of Statoil’s 25% working interest in five additional gulf leases operated by ConocoPhillips. All of the involved gulf blocks are in the emerging Lower Tertiary play where ConocoPhillips has participated in the 2009-announced discoveries Tiber and Shenandoah.