Statoil adds permits to New Zealand portfolio

Statoil has been awarded four new exploration permits offshore New Zealand, building on its existing position. This deepens and diversifies Statoil’s long-term portfolio.

The permits are awarded by the New Zealand government through the 2014 Block Offer. Statoil participates in three blocks in the East Coast and Pegasus basins as a partner, and takes on operatorship for one new permit next to existing acreage in the Reinga basin.

Erling Vågnes, Statoil’s senior vice president for exploration in the Eastern hemisphere, stated:

“The East Coast acreage adds another high-impact opportunity to our long-term portfolio, while the expansion in the Reinga basin secures access to potential upsides from our existing position. This is in line with our exploration strategy of early access at scale and deepening existing positions”

Blocks 57083, 57085 and 57087 are awarded with Chevron as operator, both companies holding a 50% working interest. The permits are located in the East Coast and Pegasus basins, southeast off New Zealand’s North Island. The permits cover more than 25,000 km² and sit in water depths between 800 and 3,000 metres. The initial phase of the project will consist of data collection.

Block 57057 is awarded to Statoil with a 100% working interest. It is located in the Reinga basin offshore Northland, adjacent to Statoil’s existing exploration acreage. The permit covers sits approximately 100 kilometres offshore and covers an area of 1,670 km² in water depths of around 1,500 metres. Statoil has committed to acquire 200 line kilometres of 2D seismic data within the permit.

Statoil entered New Zealand through the 2013 Block Offer, with the award of petroleum exploration permit 55781 in the Reinga basin.