Saying the Chukchi Sea leases were no longer competitive, Tim Dodson, executive vice president for exploration in Statoil stated, “Since 2008 we have worked to progress our options in Alaska. Solid work has been carried out, but given the current outlook we could not support continued efforts to mature these opportunities.”
The decision Statoil will exit 16 Statoil-operated leases, and its stake in 50 leases operated by ConocoPhillips, all in the Chukchi Sea. The leases were awarded in the 2008 lease sale in Alaska and expire in 2020.
The Chukchi Sea is located offshore Alaska northwest of Prudhoe Bay, an area comprised of 5354 blocks, approximately 5609 acres, in water depths from 20 to 80 meters. Statoil’s awarded leases are located 37 miles north of the Burger gas discovery.[xyz-ihs snippet=”Adsense-responsive”]