ExxonMobil and Statoil to Partner for Faroes Offshore Licences

2 March 2011 (Last Updated March 2nd, 2011 18:30)

ExxonMobil Exploration and Production Faroe Islands will acquire interests in three licences off the coast of the Faroe Islands where Statoil owns interests and is the operator. ExxonMobil will purchase 50% interest in licences 009 and 011 along with 49% interest in licence 006, in which

ExxonMobil Exploration and Production Faroe Islands will acquire interests in three licences off the coast of the Faroe Islands where Statoil owns interests and is the operator.

ExxonMobil will purchase 50% interest in licences 009 and 011 along with 49% interest in licence 006, in which Atlantic Petroleum holds a 1% interest.

Statoil Faroes plans to retain 50% interest and operatorship in all three licences.

Statoil executive vice-president for exploration Tim Dodson said that the farm-down fits well with its strategy of portfolio optimisation.

The Ministry of Industry and Trade in the Faroes has approved the transfer of portions of Statoil’s stake to ExxonMobil.