Statoil Acquires 30.6% Interest in Pitu License in Greenland from Cairn Energy - Statoil Expands its Portfolio in the Arctic Region - Deal Analysis from GlobalData
Statoil ASA (Statoil) acquired a 30.6% working interest in the Pitu license in Baffin Bay, offshore Greenland from Cairn Energy PLC (Cairn). The Pitu license lies immediately adjacent to the two Royal Dutch Shell Plc (Shell) operated licenses, Anu and Napu, where Statoil has a working interest of 20.1% and 14.9%, respectively. Following the transaction, Statoil holds a 30.6% interest in the Pitu license, while operator Cairn Energy retains 56.9% interest and the remaining 12.5% interest is held by Nunaoil.
- Rationale behind Statoil buying stake in Pitu block
- Stratigic benefits for the companies involved in the transaction
- Geography covered - Greenland
Reasons to buy
- Develop a sound understanding of the major M&A's, Partnerships, and Joint Ventures taking place in the oil and gas sector of Greenland.
Baffin Bay, offshore, Anu, Napu. Pitu, Nunaoil