Oil&Gas: Statoil enters Myanmar offshore
Block AD-10 cover more than 9,000 km2, and is located 200 km from the coast in water depths of approximately 2,000 meters. The license has been awarded to Statoil and ConocoPhillips, each with a 50% equity share and with Statoil as the operator.
“This is a large and virtually unexplored area in a basin with a proven petroleum system and thick sedimentary deposits. With this award, we have accessed at scale in another frontier acreage with significant upside, in line with our exploration strategy,” says Erling Vågnes, senior vice president for Statoil’s exploration in the Eastern hemisphere.
“We have been following the development in Myanmar closely since 2011. Through several visits we have established a good relationship with the authorities in Myanmar, and we have had a continuous dialogue with Norwegian authorities and drawn upon experience from other Norwegian companies present in the country. We look forward to contributing to the further development of the energy sector in Myanmar with our competence and capacity,” says Vågnes.