Statoil was the highest bidder on 6 licenses in the 11th Round, the first licensing round in Brazil since December 2008. With the new licenses, Statoil has strengthened its position in the Espirito Santo basin.

The award in Brazil's 11th licencing round reflects Statoil's extensive application and ambition of long-term growth in Brazil. Out of the 6 licences awarded in Espirito Santo, Statoil is the operator for four and partner in two of the licences.

"We are very pleased with the outcome," says Tim Dodson, executive vice president for Exploration in Statoil.

"The award of the blocks in the Espirito Santo basin is in line with Statoil's exploration strategy to build on core positions in prolific and proven basins."

Statoil's application for exploration licenses in the basin is based on established and new geological play models.

Tags: Statoil