Statoil has agreed to increase its equity in four licences on the Norwegian Continental Shelf (NCS) from Tullow Norge.

The licences are PL537 in Hoop (Wisting) area, PL855 in Hoop, PL695 in Tromsøflaket and PL843 in Norwegian Sea.

Through licensing rounds and transactions, Statoil said it has built an exploration portfolio in the Barents Sea.

The latest deal will also include the Wisting discovery in Barents Sea, and enable the company to become the discovery's biggest equity holder.

Statoil sees further exploration potential with the acquisition, which can bring synergies to the area.

Statoil exploration in Norway and UK senior vice-president Jez Averty 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.

"This transaction reflects our strong belief in the exploration potential on the Norwegian Continental Shelf."

“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.”

As estimated by the Norwegian Petroleum Directorate (NPD), the Wisting discovery contains 241 million boe of recoverable resources.

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


Image: The four licences are located on the Norwegian Continental Shelf. Photo: © Statoil.