Statoil, together with its partner ConocoPhillips, has secured a deep-water exploration block in the Myanmar waters of the Bay of Bengal.
Located 200km from the coast in water depths of approximately 2,000m, block AD-10 covers more than 9,000km² and has been awarded to the companies, each with an equity share of 50% and with Statoil as the operator.
Statoil eastern hemisphere exploration senior vice-president Erling Vågnes said: "This is a large and virtually unexplored area in a basin with a proven petroleum system and thick sedimentary deposits.
"We have been following the development in Myanmar closely since 2011.
"Through several visits we have established a good relationship with the authorities in Myanmar, and we have had a continuous dialogue with Norwegian authorities and drawn upon experience from other Norwegian companies present in the country."
For the first study period of two and a half years, the company has committed to environmental and social impact studies.
In April 2013, Myanmar Oil and Gas Enterprise and the Burmese Ministry of Energy put 30 offshore blocks up for bidding for international oil and gas firms.
Only 30 out of the 61 pre-qualified firms submitted formal proposals and 20 of them secured exploration rights for the blocks, as reported by the Myanmar Times.
Image: Statoil eastern hemisphere exploration senior vice-president Erling Vågnes. Photo: courtesy of Ole Jørgen Bratland.