The FINANCIAL -- Statoil has acquired a 30.625% working interest in the Pitu licence in Baffin Bay. The licence was awarded to Cairn Energy during the first Baffin Bay licensing round in December 2010,according to Statoil.

Cairn will continue as operator and retains a 56.875% working interest while partner Nunaoil will retain its carried interest of 12.5%.The Pitu licence lies immediately adjacent to the two Shell-operated licences, Anu and Napu, where Statoil has a working interest of 20.125% and 14.875% respectively.

The current work programme includes the interpretation of recently acquired seismic data. The first exploration period expires on 31 December 2014 and all initial work commitments have been fulfilled.

The partnership will evaluate the seismic data prior to making a decision on drilling an exploration well. Cairn will retain operatorship at this stage, while Statoil will operate any future development. 

The agreement is subject to final partner and Greenlandic governmental approval.

In 1999, Statoil drilled an exploration well in the Fylla area west of Greenland. The company relinquished this exploration licence in 2002. Statoil is a member of the KANUMAS group in East Greenland.

Related Stories

• OPEC spare capacity in the first quarter of 2012 at lowest level since 2008
• Scion tC Receives Autobytel and AutoPacific 2012 Vehicle Satisfaction Award
• Two new board members in Hydro