Statoil farms out licenses in Faroe Islands, NCS to OMV

Statoil has signed an agreement to farmout five exploration licenses in the Faroe Islands and two in Norway to the Austrian oil and gas company OMV.

This agreement is a result of the larger OMV transaction, announced in August, where it was agreed to look for cooperation in exploration opportunities.

In the Faroe Islands, Statoil has farmed out in licenses L006, L008, L009, L011, and L016. Statoil remains the largest license holder in the Faroe Islands and is preparing for drilling two wells in 2014, the company said.

In addition, Statoil is farming out 15% interest to OMV in PL359, which contains the Luno II discovery, and PL410 on the Norwegian continental shelf.

Last year, Statoil farmed into PL338 containing the Edvard Grieg discovery.

Both parties have agreed not to disclose the commercial terms of the agreement. The transactions are subject to authority approval.

License holders in the Faroe Islands are as follows:

• L006: Statoil 35% (operator), ExxonMobil 49%, Atlantic Petroleum 1%, OMV 15% (acquired from Statoil).

• L008: Statoil 40% (operator), DONG 30%, OMV 30% (10% acquired from Statoil, 20% already held by OMV).

• L009: Statoil 35% (operator), ExxonMobil 50%, OMV 15% (acquired from Statoil).

• L011: Statoil 35% (operator), ExxonMobil 50%, OMV 15% (acquired from Statoil).

• L016: Statoil 30% (operator), ExxonMobil 26%, DONG 30%, Atlantic Petroleum 4%, OMV 10% (acquired from Statoil).

License holders in the NCS are as follows:

• PL 359: Lundin 40% (operator), Statoil 15%, Premier 30%, OMV 15% (acquired from Statoil).

• PL 410: Lundin 70% (operator), Statoil 15%, OMV 15% (acquired from Statoil).