BIO Market News
Norwegian oil and gas major Statoil Monday announced that the company has received the rights to operate a large offshore exploration license in eastern Indonesia, bringing its total number of licenses in the region to eight.
Statoil will operate the license, Halmahera II, with an 80% working interest while Canadian exploration and production company Niko Resources Ltd. will hold the remaining 20%. Halmahera II, covering an area of more than 8,000 square kilometers, is located close to the Obi and Halmahera-Kofiau licenses that Statoil got earlier this year.
“Indonesia is an emerging focus area for Statoil and we have a material portfolio of frontier acreage in the country,” said Pal Haremo, Statoil’s senior vice president for exploration.
Statoil has been in Indonesia since 2007 and Halmahera II is the company’s sixth license in the region so far this year.
The license is subject to final governmental approval. At 1351 GMT, shares traded 1.1% lower at NOK143.70.
- By Katarina Gustafsson