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NPD Grants Statoil Drilling Permit For PL615

|Includes:COP, OMVJF, Statoil ASA (STO)

The Norwegian Petroleum Directorate has granted a drilling permit to Statoil for well 7325/1-1, located in PL615 on the Norwegian shelf. The area in this license consists of blocks 7324/1, 2, 3 and 7325/1. This is the second well to be drilled in the license.

PL615 was awarded to Statoil on 13-May-2011 in the 21st Licensing Round on the Norwegian shelf.

PL615 ownership: Statoil (35%, operator), ConocoPhillips (25%), OMV (20%) and Petoro (20%).

The 7325/1-1 wildcat well, known as Atlantis, will be located in the Barents Sea. Statoil also plans to drill the Apollo wildcat well (7325/2-1) within the same license this year.

Statoil has conducted extensive environmental and climate studies on the Arctic Hoop area of the Barents Sea, where these two wells are located.

In May-2014, the Norwegian Petroleum Directorate granted a drilling permit to Statoil for well 7324/2-1 located in PL615, Norwegian North Sea.

In Apr-2014, the Statoil-operated wildcat well 35/11-17 in PL090 encountered oil pay.

Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: STO, COP, OMVJF