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Statoil Acquires 30.6% Interest in Pitu License in Greenland from Cairn Energy - Statoil Expands its Portfolio in the Arctic Region Product Image

Statoil Acquires 30.6% Interest in Pitu License in Greenland from Cairn Energy - Statoil Expands its Portfolio in the Arctic Region

  • Published: March 2012
  • 6 pages
  • GlobalData

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

Summary

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.

Scope

- 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.

Keywords

Baffin Bay, offshore, Anu, Napu. Pitu, Nunaoil

1
1

1.1 List of Tables
1.2 List of Figures
2 Statoil Acquires 30.6% Interest In Pitu License In Greenland From Cairn Energy
2.1 Deal Overview
2.2 Deal in Brief
2.3 Statoil’s Exploration Expertise in the Arctic Region will Help Cairn Explore Pitu Block
2.4 Geological Study Shows Pitu Block to be an Attractive Asset
2.5 Deal Financials and Valuations
3 Appendix
3.1 Methodology
3.2 Contact Us
3.3 Disclaimer

1.1 List of Tables
Table 1: Statoil, Major Exploration Blocks Awarded in the Arctic Region, 2011
Table 2: Arctic Region, Major Deals of Statoil, June 17, 2010 – January 23, 2012
Table 3: Companies Involved
Table 4: Financials of the Deal
Table 5: Target Information
Table 6: Acquirer Information
Table 7: Vendor Information

1.2 List of Figures
Figure 1: Greenland, Pitu Block, Location Map, 2012

Format Properties
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