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Repsol, Statoil and ExxonMobil snatch rights to COL4 exploration block offshore Colombia

24th July 2014

Repsol, Statoil and ExxonMobil have been awarded interest in the COL4 licence offshore Colombia in the Caribbean Sea in the 2014 Colombia Licensing Round

Repsol, Statoil and ExxonMobil snatch rights to COL4 exploration block offshore Colombia
The entry is an early exploration phase and the initial working commitments include 2D and 3D seismic acquisition

Statoil will hold 33.33 per cent in the licence. Repsol will be the operator of the licence and will hold 33.34 per cent. ExxonMobil Exploration Colombia will hold 33.33 per cent.

The award is subject to the final approval of the National Hydrocarbons Agency of Colombia (ANH).

“Deepwater offshore Colombia is virtually untested”, said Nick Maden, senior vice president for Statoil's exploration activities in the Western Hemisphere. “The award of new acreage in this frontier area is in line with our exploration strategy of early access at scale.”

The licence award represents a country entry for Statoil into Colombia.

The entry is an early exploration phase and the initial working commitments include 2D and 3D seismic acquisition which will allow Statoil to further assess the potential of the basin.

There are no well commitments during the first exploration phase.

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