Statoil-CNOCC deal opens U.S. Gulf to Chinese oil exploration

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Statoil-CNOOC deal opens U.S. Gulf to Chinese oil exploration

In its third quarter report, Statoil confirmed that it has signed an agreement with China’s CNOOC for a number of stakes in its Gulf of Mexico (GOM) leases. Significantly, the deal opens the U.S. Gulf of Mexico to Chinese oil companies for the first time.
In the farm-down agreement with the Norwegian oil firm, CNOOC will secure equity stakes in four GOM fields in exchange for bearing some of the fields’ development costs.

China’s largest offshore oil and gas producer by capacity, CNOOC will acquire a 20% stake in Tucker and a 10% stake in Logan, 10% in Cobra in the Alaminos Canyon and 10% in Krakatoa in the Mississippi Canyon. Both the Tucker and Logan fields are situated in the Walker Ridge area of the Gulf of Mexico.

“This type of cooperation is very common. Through that, the two companies can make full use of each other’s advantages, share risks and profits,” CNOOC spokesman Xiao Zongwei told Dow Jones Newswires.
Neilsen also noted that Statoil retains operatorship of all four fields and that the farm-down agreement did not signal a shift in its Gulf of Mexico ownership, Dow Jones reported.

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