Exxon, Statoil form deepwater pact

ExxonMobil and Norwegian-based Statoil have entered into an agreement to drill at least one deepwater exploration well in the Gulf of Mexico’s Alaminos Canyon, Statoil said.

The two big companies also agreed to jointly evaluate exploration acreage in Walker Ridge, which is on trend with Gulf lower tertiary discoveries Jack and St. Malo. Statoil holds equity interests in the discoveries.

“These arrangements with ExxonMobil represent a further strengthening of Statoil’s presence in the deepwater Gulf of Mexico,” Statoil said in an Aug 22 press release. “It is in line with the growth strategy for this new core area.” Statoil noted that its deal with ExxonMobil is near federal leases acquired by Statoil from Canadian-based EnCana earlier this year and “enhances its potential value for Statoil.”

—Ray Tyson