Statoil Delivers Largest APA License Application in Past 10 Years

Norway’s Statoil made the headlines, and its stakes gained ground over the last hours.  

On Thursday, the company wrote on Twitter that it had delivered the largest APA license application in the last 10 years for acreages in Norway.  

Also on Thursday, Statoil made a strong case for an impact assessment study off Norway's Lofoten islands.  

'In the Lofoten and Vesterålen we find some of the most promising, as yet unopened exploration acreage on the Norwegian continental shelf’ reads Statoil’s website. 

In October 2013, Prime Minister Erna Solberg said she would have not sought to open areas off the environmentally sensitive islands during her mandate.

“Production will fall quickly after 2025 if we don’t make new, big discoveries and may slump as much as 50 percent by 2030,” Oerjan Heradstveit, a spokesman for Statoil, told Bloomberg in 2013.

Earlier this week, Malaysia’s Petronas reportedly confirmed it is considering acquiring Statoil’s stake in Trans Adriatic Pipeline project.

Meanwhile, the Norwegian Petroleum Directorate wrote that Premier Oil Norge AS, operator of production licence 539, is in the process of completing the drilling of wildcat well 3/7-10 S. The well is dry.