Statoil secures 13 leases in Gulf of Mexico

    Statoil has won 13 contracts in the US Department of the Interior’s central region Gulf of Mexico Lease Sale 247.

    “Our participation in the lease sale is part of a targeted, step-wise approach to test our play concepts in the area.”

    Last year, production from Statoil’s US offshore portfolio averaged nearly 60,000bdp.

    It intends to double this production by 2020 to become one of the top producers in the region.

    Earlier, the US Secretary of the Interior Ryan Zinke announced that Lease Sale 247 for oil and gas parcels located in the Gulf of Mexico generated nearly $275m in high bids for 163 tracts that includes an area of 913,542 acres.

    A total of 28 offshore energy companies submitted 189 bids in this round

    The company turned out to be the high bidder on all but two of the leases targeted. Statoil head of exploration in the US and Mexico Tore Løseth said: “We are very pleased with the results.

    “The leases awarded reinforce Statoil’s exploration strategy of securing prospective acreage, while taking advantage of the cycle to access these leases at favorable rates in the US Gulf of Mexico.”

    Statoil stated that this award resets its exploration in the Gulf of Mexico region.

    The company’s high bids are subject to review and final approval by the authorities.

    Løseth added: “The results today are the fruits from taking sufficient time to review lessons from our past exploration campaign, and from thoroughly strengthening our regional subsurface understanding of this area.

    “We continue to believe in the potential of the Gulf of Mexico. Our participation in the lease sale is part of a targeted, step-wise approach to test our play concepts in the area.”

    Since restarting activities in the US Gulf of Mexico in 2004, Statoil has developed an ownership share of six offshore fields, with two projects under development and one in the definition phase.

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