Statoil Secures New Acreage Offshore Colombia

Statoil has been awarded interest in the COL4 licence offshore Colombia in the Caribbean Sea in the 2014 Colombia Licensing Round.

Statoil will hold 33,33% in the licence. Repsol will be the operator of the licence and will hold 33,34%. ExxonMobil Exploration Colombia will hold 33,33%.

The award is subject to the final approval of the National Hydrocarbons Agency of Colombia (ANH).

“Deepwater offshore Colombia is virtually untested. The award of new acreage in this frontier area is in line with our exploration strategy of early access at scale,” says Nick Maden, senior vice president for Statoil’s exploration activities in the Western Hemisphere.

The licence award represents a country entry for Statoil into Colombia. The entry is an early exploration phase and the initial working commitments include 2D and 3D seismic acquisition which will allow Statoil to further assess the potential of the basin.

There are no well commitments during the first exploration phase.

Press Release, July 24, 2014

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