Statoil has increased its share in the in four licence on the Norwegian continental shelf including the Wisting discovery in the Barents Sea in a deal with Tullow Norge.
The company has already built a substantial exploration portfolio in the Barents Sea through licensing rounds and transactions.
Through this transaction Statoil becomes the biggest equity holder in the Wisting discovery, so far the only big discovery in the Hoop area of the Barents Sea.
Jez Averty, Statoil’s senior vice president for exploration in Norway and the UK, said:“This transaction reflects our strong belief in the exploration potential on the Norwegian continental shelf and our commitment to create value in the Barents Sea.
“We wish to contribute with our experience, competence and technology to ensure an efficient and profitable development of the Wisting-discovery. Statoil has developed new technologies such as the Cap-X subsea concept and promoted industry cooperation through the Barents Sea Exploration Collaboration (BaSEC) in order to deliver safe and efficient operations.”
The Norwegian Petroleum Directorate (NPD) said the Wisting discovery could contain an estimated 241 million barrels of oil equivalent of recoverable resources.