Statoil increases share in Wisting discovery in Barents Sea

STAVANGER, Norway -- Statoil and Tullow Norge have agreed on a transaction whereby Statoil will increase its equity in four licenses on the Norwegian Continental Shelf (NCS). The transaction includes the Wisting discovery in the Barents Sea.

“This transaction reflects our strong belief in the exploration potential on the NCS and our commitment to create value in the Barents Sea,” said Jez Averty, Statoil’s senior V.P. for exploration in Norway and the UK.

Statoil has 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.

New, substantial discoveries are required to maintain production on the NCS, and resource additions from northern Norway are the key to reaching this target. The Norwegian Petroleum Directorate estimates the Wisting discovery to contain 241 MMboe of recoverable resources. 

The agreement also gives Statoil access to interesting exploration prospects in the Norwegian Sea and the Barents Sea that will be matured for possible drilling in 2018.