News | March 26, 2014

Statoil Awarded Exploration Acreage Offshore Myanmar

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Together with partner ConocoPhillips, Statoil has been awarded a deep-water exploration block in the Myanmar waters of Bay of Bengal.

Block AD-10 cover more than 9,000 square kilometres, and is located 200 km from the coast in water depths of approximately 2,000 metres. The license has been awarded to Statoil and ConocoPhillips, each with a 50% equity share and with Statoil as the operator.

"This is a large and virtually unexplored area in a basin with a proven petroleum system and thick sedimentary deposits. With this award, we have accessed at scale in another frontier acreage with significant upside, in line with our exploration strategy," says Erling Vagnes, senior vice president for Statoil’s exploration in the Eastern hemisphere

The award represents a new country entry for Statoil, now operating in 34 countries.

"We have been following the development in Myanmar closely since 2011. Through several visits we have established a good relationship with the authorities in Myanmar, and we have had a continuous dialogue with Norwegian authorities and drawn upon experience from other Norwegian companies present in the country. We look forward to contributing to the further development of the energy sector in Myanmar with our competence and capacity," says Vagnes.

Statoil has committed to environmental and social impact studies and acquiring new 2D seismic during the first study period of 2 1/2 years. After this the partnership will decide whether or not to enter a three-year exploration period.

"Our first steps will be to engage with the appropriate agencies and stakeholders and conduct the studies necessary for safe and secure acquisition of new seismic data. This is a long-term opportunity with high subsurface risk, but with high-impact potential," says Vagnes.

SOURCE: Statoil

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