Scandinavian oil producer Statoil is to expand its rig capacity while also seeking shale opportunities.
Statoils three additional rigs Image: Statoil |
The Norwegian company has invested NOK 9.17bn ($1.6bn) in partnerships to use three offshore drilling rigs on Norway's continental shelf. The contract cost excludes potential options and significantly expands Statoils output opportunities in the region.
The contracts, which run variously from 2013 to 2017, will use the Bideford Dolphin, Stena Don and Scarebeo 5 rigs from three separate operators, largely for production drilling of existing Statoil assets. According to the company's head of drilling and well, Øystein Arvid Håland: "Increasing recovery from existing fields is important for Statoil. Drilling and well maintenance provide the greatest contribution to improved recovery, and it is therefore very positive that we have secured this rig capacity."
Meanwhile, the company is also looking further afield at Australia's shale fields and has declared it is "actively looking for new opportunities" having already set up a partnership worth a potential $200m with Canadian explorer PetroFrontier ealier this year.
Shale oil and gas is seen as a potentially strong growth area by Statoil, which also says it is looking at possible Argentinian and Chinese fields. However, the company recognises that significant output from the Australian fields are still some years away due to a number of constraints, including labour and infrastructure costs. Yet the company believes the opportunities in the region have enough potential to want to seal a further acquisition within the next 12 months.