Maersk Oil Offered 20 Pct Interest in Barents Sea PL710

Maersk Oil Norway has been offered 20% interest in a new license (PL710) in the Barents Sea in the 22nd licensing round. Operator of the licence will be Total E&P Norge AS with 40% interest. Other partners are Tullow Oil Norge AS and GDF Suez E&P Norge AS each with 20% interest.

“This is Maersk Oil’s entrance to the Barents Sea in Norway. We are pleased with this result of a very competitive license round. We see large potential in this part of the Barents Sea and are looking forward to start the exploration work,” said Morten W. Jeppesen, Managing Director for Maersk Oil in Norway.

Building Arctic competencies in northern Norway and West Greenland

The arctic conditions of the Barents Sea have some similarities with the conditions of the Baffin Bay in West Greenland where Maersk Oil’s has an operated exploration licence. Maersk Oil will be working in the two areas in an integrated way to realise any synergies that might exist.

“We will use our experience as operator in Greenland in our work in the Barents Sea, for example the knowledge we have about environmental assessments in the arctic,” said Jeppesen.

Maersk Oil was awarded a licence in the offshore Block 9, ‘Tooq’ in Baffin Bay, North Western Greenland, in December 2010. Maersk Oil is the operator with an interest of 47.5%. The Greenlandic state oil company NunaOil is a carried partner in the exploration period with an interest of 12.5%. Tullow Oil, who is also partner in PL710 in Norway, holds the remaining 40% interest.

Continued growth in Norway

Over the past months, Maersk Oil has taken over two new operatorships in Norway, one from Marathon Oil Norge AS (PL505/ PL505BS) in the North Sea and the other from North Energy (PL510) in the Norwegian Sea. The company has also recently agreed with Statoil to acquire its interest in PL 211, which is located in the Norwegian Sea.

With the award of PL710 Maersk Oil holds interest in 24 licenses on the Norwegian Continental Shelf, nine as operator. Maersk Oil holds interests in the Zidane gas discovery and in the giant Johan Sverdrup field.

“The new licences fit well into Maersk Oil’s growth strategy in Norway by adding operatorships and interests in the Barents Sea which is a new focus area. Our growing exploration portfolio and the shares in the Johan Sverdrup and Zidane discoveries are important steps on the way to realise our long-term ambition to strengthen our position as a material E&P company in Norway,” said Jeppesen.

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Press Release, June 13, 2013