Video from Statoil Available on Statoil and ExxonMobil Have Agreed to Explore Three Faroese Offshore Licenses Jointly

Mar 02, 2011, 06:08 ET from

NEW YORK, March 2, 2011 /PRNewswire/ -- Get content from Statoil at:

ExxonMobil Exploration & Production Faroe Islands Limited will acquire 50% interest in Licenses 009 and 011 and 49% interest in License 006, where Atlantic Petroleum is a minority owner with 1% interest. Statoil Faroes AS will retain 50% interest and operatorship in all three licences. "This farm-down fits well with our strategy of portfolio optimisation. I am very pleased with getting such a competent and experienced partner on board in this frontier area. Both ExxonMobil and Statoil have extensive experience in exploring in harsh environments," says Tim Dodson, executive vice president for Exploration in Statoil.  

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Story Id: 21904