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TheStreet Open House

Statoil Starts Latest Gulf Of Mexico Drilling Campaign

Stocks in this article: STLSTO

HOUSTON, May 6, 2014 /PRNewswire/ -- Statoil (OSE: STL, NYSE: STO) announced today that it has started its latest Gulf of Mexico exploration campaign. It started drilling Martin, a high-impact prospect, on 20 April.

Martin prospect in the US Gulf of Mexico

"We consider Martin one of the top prospects in our global portfolio," says Jez Averty, senior vice president of exploration for Statoil in North America. "Since acquiring this prospect in 2012, we've advanced it in 20 months which is considerably faster than the normal maturation time."

As the world's largest offshore operator, Statoil has a significant presence in the Gulf of Mexico.  In addition to its active exploration program, Statoil is a partner in many of the largest fields under development, including Jack, St. Malo, Big Foot, Julia, Vito and Stampede.

"We're committed to profitability growing our business in North America," said Bill Maloney, Statoil executive vice president of its North America operations. "Having a strong and robust exploration program is essential for long-term growth, and we're very excited to begin this latest drilling campaign in the Gulf of Mexico."

In a speech at a private reception during the Offshore Technology Conference in Houston, Maloney explained that Statoil's growth in North America has been methodical and incremental. The company has made strategic acquisitions in onshore and offshore plays while building its midstream capacity.  The company has been active in North America for 25 years.

In 2013, Statoil was ranked as the world's most successful exploration company, finding more oil and gas than any other company. Statoil also made the world's largest conventional oil discovery in 2013. Its Bay du Nord discovery in the offshore east coast of Canada contains 300-600 million barrels of oil.

Statoil is an international energy company with operations in 36 countries. Building on 40 years of experience from oil and gas production on the Norwegian continental shelf, we are committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions. Statoil is headquartered in Norway with 23,000 employees worldwide, and is listed on the New York and Oslo stock exchanges. More information on www.statoil.com.

Contact: Jim Schwartz  +1 713 485 2589  jamsch@statoil.com

StatOil Logo.

Photo - http://photos.prnewswire.com/prnh/20140506/85098

Logo - http://photos.prnewswire.com/prnh/20101006/STATOILLOGO

SOURCE Statoil

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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