Exploring offshore Canada

abarrelfull wrote on 13 Jan 2012 12:06
Tags: canada chevron statoil upstream

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Chevron Canada Limited, Statoil Canada Ltd. and Repsol E&P Canada Ltd. have concluded agreements to conduct exploration activities offshore Atlantic Canada.
Chevron and Statoil have also finalized another agreement for exploration activities in the Canadian Beaufort Sea. These new joint ventures over large blocks in deep water represent important strategic steps for all three companies.

"These agreements significantly strengthen our exploration position in Atlantic Canada and in the Beaufort Sea and reaffirm our commitment to achieving long-term growth in Canada," said Chevron Canada President Jeff Lehrmann. "We look forward to working with Statoil and Repsol to achieve exploration success in these highly prospective basins," Lehrmann added.

"These agreements add new acreage to Statoil's already extensive Arctic portfolio" said Tim Dodson, Executive Vice President for Exploration in Statoil. "Strengthening our position in the Flemish Pass Basin and obtaining early entrance to the Orphan Basin and Beaufort Sea provides us access to large potential resources and increases the optionality of our exploration portfolio."

The Orphan Basin and Flemish Pass Basin agreements reflect Repsol's commitment to expanding its presence in North America, and in particular Canada's East Coast. The company is also looking forward to working with Chevron and Statoil to achieve exploration success in these highly prospective emerging frontier basins.

The specifics of the joint venture agreements are as follows:

Orphan Basin:

• In a farmout arrangement, Repsol and Statoil will be participants in a planned 2012 Orphan Basin exploration well, offshore Newfoundland and Labrador (NL) on Exploration Licence 1074R (604,000 hectares).
• Chevron will be the operator with 65 percent equity interest. Repsol will have 20 percent and Statoil will have 15 percent.

Flemish Pass Basin:

• Chevron, Statoil and Repsol were recently named the successful bidders on two exploration parcels in the Flemish Pass Basin, offshore NL.
• The successful bids were for Parcel NL 11-02-01 (247,016 hectares) and NL 11-02-02 (186,780 hectares). The land parcels are located approximately 400 kilometres east of St. John's, NL, in water depths ranging from 700 to 2,600 metres.
• Statoil will be the operator with 50 percent equity interest. Chevron has 40 percent and Repsol has 10 percent.

Beaufort Sea:

• In a farmout arrangement, Statoil will participate with Chevron in a Beaufort Sea 3-D seismic program, tentatively scheduled for summer 2012.
• The proposed seismic program would comprise a 3-D survey of EL 460, a 2,060 square kilometre block located 120 kilometres offshore in water depths ranging from 800 to 1,800 metres.
• Chevron will be the operator with 60 percent equity interest; Statoil will have 40 percent.

• Exploring offshore Canada

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