Chevron Canada Limited, Statoil Canada Ltd. and Repsol E&P Canada Ltd. have concluded agreements to conduct exploration activities in the Orphan Basin and Flemish Pass Basin offshore Newfoundland and Labrador
Statoil Canada Ltd. has signed an agreement with Chevron Canada Limited to conduct exploration activities on EL 460 in the Canadian Beaufort Sea
CALGARY, Jan. 12, 2012 /CNW/ - Chevron Canada Limited, Statoil Canada
Ltd. and Repsol E&P Canada Ltd. have concluded agreements to conduct
exploration activities offshore Atlantic Canada. Chevron and Statoil
have also finalized another agreement for exploration activities in the
Canadian Beaufort Sea. These new joint ventures over large blocks in
deep water represent important strategic steps for all three companies.
"These agreements significantly strengthen our exploration position in
Atlantic Canada and in the Beaufort Sea and reaffirm our commitment to
achieving long-term growth in Canada," said Chevron Canada President
Jeff Lehrmann. "We look forward to working with Statoil and Repsol to
achieve exploration success in these highly prospective basins,"
"These agreements add new acreage to Statoil's already extensive Arctic
portfolio," said Tim Dodson, Executive Vice President for Exploration
in Statoil. "Strengthening our position in the Flemish Pass Basin and
obtaining early entrance to the Orphan Basin and Beaufort Sea provides
us access to large potential resources and increases the optionality of
our exploration portfolio."
The Orphan Basin and Flemish Pass Basin agreements reflect Repsol's
commitment to expanding its presence in North America, and in
particular Canada's East Coast. The company is also looking forward to
working with Chevron and Statoil to achieve exploration success in
these highly prospective emerging frontier basins.
The specifics of the joint venture agreements are as follows:
In a farmout arrangement, Repsol and Statoil will be participants in a
planned 2012 Orphan Basin exploration well, offshore Newfoundland and
Labrador (NL) on Exploration Licence 1074R (604,000 hectares).
Chevron will be the operator with 65 percent equity interest. Repsol
will have 20 percent and Statoil will have 15 percent.
Flemish Pass Basin:
Chevron, Statoil and Repsol were recently named the successful bidders
on two exploration parcels in the Flemish Pass Basin, offshore NL.
The successful bids were for Parcel NL 11-02-01 (247,016 hectares) and
NL 11-02-02 (186,780 hectares). The land parcels are located
approximately 400 kilometres east of St. John's, NL, in water depths
ranging from 700 to 2,600 metres.
Statoil will be the operator with 50 percent equity interest. Chevron
has 40 percent and Repsol has 10 percent.
In a farmout arrangement, Statoil will participate with Chevron in a
Beaufort Sea 3D seismic program, tentatively scheduled for summer 2012.
The proposed seismic program would comprise a 3D survey of EL 460, a
2,060 square kilometre block located 120 kilometres offshore in water
depths ranging from 800 to 1,800 metres.
Chevron will be the operator with 60 percent equity interest; Statoil
will have 40 percent.
Chevron Canada Limited, a wholly owned subsidiary of Chevron
Corporation, is pursuing the development of oil and gas resources
offshore Newfoundland and Labrador, in Alberta, and in the Northwest
Territories. Chevron Corporation is one of the world's leading
integrated energy companies, with subsidiaries that conduct business
worldwide. The company is involved in virtually every facet of the
energy industry. Chevron explores for, produces and transports crude
oil and natural gas; refines, markets and distributes transportation
fuels and lubricants; manufactures and sells petrochemical products;
generates power and produces geothermal energy; provides energy
efficiency solutions; and develops the energy resources of the future,
including biofuels. Chevron is based in San Ramon, California. For
further information, please visit www.chevron.ca or www.chevron.com.
Statoil is an international energy company, headquartered in Norway,
with operations in 36 countries. Building on more than 35 years of
experience from oil and gas production on the Norwegian continental
shelf, Statoil is committed to accommodating the world's energy needs
in a responsible manner, applying technology and creating innovative
business solutions. Statoil has 20,000 employees worldwide, and is
listed on the New York and Oslo stock exchanges. For further
information, please visit www.statoil.com.
Repsol is a global energy company that is active in the hydrocarbon
sector (exploration and production, refining and marketing) in over 30
countries. It also has a workforce of over 40,000 people from 70
different nationalities. It is one of the world's largest private oil
companies and is the largest energy company in Latin America. It is the
leader in refining and marketing in Spain and Argentina and the third
largest private LPG distribution company in the world. Repsol is
already present in Canada´s offshore exploration efforts in four blocks
in the Jeanne d'Arc and Central Ridge basins. For further information,
please visit www.repsol.com.
PDF with caption: "Chevron Canada Limited, Statoil Canada Ltd. and Repsol E&P Canada Ltd. have concluded agreements to conduct exploration activities in the Orphan Basin and Flemish Pass Basin offshore Newfoundland and Labrador ". PDF available at: http://stream1.newswire.ca/media/2012/01/12/20120112_C3392_DOC_EN_8826.pdf
PDF with caption: "Statoil Canada Ltd. has signed an agreement with Chevron Canada Limited to conduct exploration activities on EL 460 in the Canadian Beaufort Sea". PDF available at: http://stream1.newswire.ca/media/2012/01/12/20120112_C3392_DOC_EN_8827.pdf
SOURCE Chevron Canada Ltd.
For further information:
St. John's Office
(709) 757-6108; (709) 728-9146
(403) 234-5192; (709) 604-2269
Bård Glad Pedersen
St. John's Office
(709) 738-8471; (709) 749-0601
General Division of Communication
+34 91 753 87 87