ConocoPhillips, Statoil Announce Shared Interest in Chukchi Sea, Gulf of MexicoHOUSTON--(BUSINESSWIRE)--ConocoPhillips [NYSE:COP] and Statoil USA E&P [NYSE:STO] today announced that they have entered into a deal for Statoil to acquire a 25 percent working interest in 50 ConocoPhillips leases acquired in the Chukchi Sea federal OCS lease sale in 2008. ConocoPhillips will be retaining operatorship and majority working interest in these leases.
"Statoil's decision to acquire interest in these leases substantiates ConocoPhillips' view that world-class hydrocarbon potential exists in the Chukchi Sea of Alaska," said Larry Archibald, ConocoPhillips senior vice president for Exploration and Business Development. "ConocoPhillips has had a long-term business relationship with Statoil in many ventures around the world, particularly in Norway, and welcomes its expertise in this harsh operating climate," Archibald continued.
Statoil and ConocoPhillips have conducted joint operations for more than 30 years on the Norwegian continental shelf (NCS). Their NCS operating experience has allowed both companies to gain extensive expertise in tackling harsh environments as well as develop new technology to enhance recovery from existing fields.
"The Chukchi Sea in Alaska is a new frontier area for all operators and we believe that companies like Statoil and ConocoPhillips are among the best companies to take on this exciting journey together. By adding on these leases to the 16 we already have in Chukchi, we have now acquired a sizable acreage portfolio to explore in the coming years," said Tony Doré, heading up Statoil's exploration group in North America.
ConocoPhillips' initial drilling in the Chukchi Sea is presently scheduled for 2012.
In addition to financial considerations from Statoil, ConocoPhillips will also acquire 50 percent working interest in 16 Statoil-operated Gulf of Mexico (GOM) leases and acquire all of Statoil's 25 percent working interest in five additional GOM leases operated by ConocoPhillips. All of the involved GOM blocks are in the emerging Lower Tertiary play where ConocoPhillips has participated in the 2009-announced discoveries Tiber and Shenandoah.
ConocoPhillips is an integrated petroleum company with interests around the world. For more information, go to www.conocophillips.com.
Statoil is an international energy company with over 35 years of experience on the Norwegian continental shelf. Today the company has operations worldwide. For more information, go to www.statoil.com.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that contain projections about our revenues, income, earnings and other financial items, our plans and objectives for the future, future economic performance, or other projections or estimates about our assumptions relating to these types of statements. These statements usually relate to future events and anticipated revenues, earnings, business strategies, competitive position or other aspects of our operations or operating results. In many cases you can identify forward-looking statements by terminology such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words. However, the absence of these words does not mean that the statements are not forward-looking. The forward-looking statements are based on management's expectations, estimates and projections about ConocoPhillips and the petroleum industry in general on the date this statement was released. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Economic, business, competitive and regulatory factors that may affect ConocoPhillips' business are generally as set forth in ConocoPhillips' filings with the Securities and Exchange Commission (SEC). Unless legally required, ConocoPhillips undertakes no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
Posted: January 25, 2010
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