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04.03.2011

Statoil and ExxonMobil to Cooperate on the Faroes

Norway's Statoil and ExxonMobil have agreed to explore three Faroese offshore licenses jointly. This marks ExxonMobil’s first entry into the Faroes.

The Ministry of Industry and Trade in the Faroes has approved the transfer of parts of Statoil’s stake to ExxonMobil.

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, a press release from Statoil reads.

This marks ExxonMobil’s first entry into the Faroes, while Statoil has been in the Faroes since 2000 and is operator of six offshore licenses. The partnership plans to drill an exploration well early in the second half of 2011. Statoil has earlier drilled two wells offshore Faroes.

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