Together with partner ConocoPhillips, Statoil has been awarded a deep-water e Block AD-10 cover more than 9,000 km2, and is located 200 km from the coast in water depths of approximately 2,000 meters. 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 Vågnes, 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.

Tags: Statoil