Statoil

Norwegian oil firm Statoil has reached an agreement with Seadrill to charter its West Aquarius deepwater drilling rig for oil and gas exploration offshore of Newfoundland, Canada, in 2012 and 2013.

The value of the contract has not been disclosed. Geir Richardsen, Statoil head of exploration in Canada, said the company has ambitious targets offshore of Newfoundland, and securing rig capacity is essential for reaching those goals.

"We look forward to putting this rig’s capabilities into action," said Richardsen.

The company plans to drill two exploration wells in the Flemish Pass Basin and one well in the Jeanne d’Arc Basin.

Kjell Magnus Myge, Statoil’s head of procurement in Canada, said: "I am pleased that the company has acquired future rig capacity as exploration activity is a key component of Statoil’s ambitions to become a producing operator offshore Newfoundland."

""We look forward to putting this rig’s capabilities into action," said Richardsen."

The vessel can operate in harsh environments of up to 3,000m in terms of water depth, and has been leased from the Exxon Mobil Deepwater Rig, said Statoil.

Statoil will be the operator in both licenses with a 50% stake, while its partners Chevron and Repsol will hold 40% and ten percent interests respectively.


Image: Statoil will use the West Aquarius deepwater drilling rig for exploration offshore Newfoundland. Photo courtesy of: Statoil.