Statoil joins Hess in Ghana play

Oslo_Statoil_OfficeStatoil has gained a 35 per cent interest in the Deepwater Tano/Cape Three Points (DWT/CTP) licence, Offshore Ghana. (Image source: Harald Pettersen/Statoil)Statoil has become the latest name to enter the emerging Ghana Offshore play after acquiring its first acreage in the market

Norway’s state oil company struck a farm-in deal with Hess on a deep-water licence, which will see it gain a 35 per cent interest in the Deepwater Tano/Cape Three Points (DWT/CTP) licence, located south of Tullow Oil’s producing Jubilee field.

Statoil senior vice president for exploration global new ventures, Pal Haremo, said, “This gives Statoil access to a large licence in an emerging hydrocarbon province and the opportunity to participate in an area with high-impact potential together with an experienced operator.

“It fits well with Statoil’s strategy of early access in promising regions and our continued international expansion,” he added.

Two wells have already been drilled in the DWT/CTP licence and a third well, Hickory North-1, is currently underway with results expect before the end of Q2, 2012.

The licence, which covers an area measuring 2,100 square km, was awarded to Hess in 2006.

The US operator currently holds a 90 per cent working interest, but will be left with a 55 per cent stake in the permit if the farm-in deal with Statoil receives final approval. GNPC will retain its 10 per cent holding in the licence.

Statoil will pay a capped promote on the current Hickory North-1 well and will also carry a proportional share of GNPC’s interest, which will amount to a total paying interest for the licence newcomer of 38.89 per cent.

Statoil has been working to diversify its portfolio so as to focus on frontier global exploration “high-impact” as it looks to achieve a production target of 2.5 million barrels of oil equivalent per day by 2020.

The deal, effective from January 1, 2013, is subject to final approval by authorities in Accra.

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