Statoil is optimising its exploration portfolio and has decided to exit Alaska following recent exploration results in neighbouring leases.
Statoil is committed to optimising its portfolio, strengthening financial performance, and positioning for long-term value.
The leases in the Chukchi Sea are no longer considered competitive within Statoil’s global portfolio, so the decision has been made to exit the leases and close the office in Anchorage, Alaska.
Tim Dodson, executive vice president for exploration in Statoil. (Photo: Ole Jørgen Bratland)
“Since 2008 we have worked to progress our options in Alaska. Solid work has been carried out, but given the current outlook we could not support continued efforts to mature these opportunities,” says Tim Dodson, executive vice president for exploration in Statoil.
The decision means Statoil will exit 16 Statoil-operated leases, and its stake in 50 leases operated by ConocoPhillips, all in the Chukchi Sea. The leases were awarded in the 2008 lease sale in Alaska and expire in 2020.
The studies, research and activities which have taken place in Alaska, have given the company significant skills and expertise that can be leveraged in other opportunities in northern environments in the future.
“Our understanding of the challenges and opportunities has increased considerably over the last years. This gives Statoil a unique position and experience which the company will continue to apply going forward,” says Dodson.
Peter Hutton, senior vice president Investor Relations, Tel: +44 7881 918 792
Morten Sven Johannessen, vice president Investor Relations North America Tel: +1 203 570 2524
Date: Nov 17, 2015