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Transocean wins with new contracts from Norway's Statoil

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Staff Writer | April 5, 2017
After awarding new contracts to rig company Transocean for the North Sea, Norwegian energy company Statoil said British waters still have a long life of ahead.
Oil exploration   250 billion barrels of oil
Statoil and its partners working in the British offshore license areas contracted Transocean for use of its Spitsbergen rig for three exploration wells and six production wells.

"We believe that the British continental shelf still presents exciting opportunities," Jenny Morris, Statoil's vice president in charge of regional offshore exploration, said in a statement.

"Securing this rig will enable us to fulfill our exploration ambitions of testing potential along the underexplored margins and more mature areas of the basin, in addition to near-field potential at Mariner."

Statoil started work in the Mariner basin in the British waters of the North Sea last year, working alongside British energy company BP, which plans to drill up to five exploration wells over the next 18 months and 50 development wells over the next three to four years.

Statoil said Mariner holds an estimated 250 billion barrels of oil and peak production should be around 55,000 barrels of oil per day, with first oil expected in production by next year.

The contract value for the combined services in the British North Sea, which extend beyond Mariner into Norwegian waters, is more than $100 million.