Chevron, Statoil and Repsol, through joint ventures, will explore for oil and gas offshore Canada in the Orphan Basin, Flemish Pass Basin and Beaufort Sea, Chevron said Thursday.
The three will explore offshore Canada in the Atlantic basins and Chevron and Statoil will explore the Canadian Beaufort Sea, Chevron said in a statement.
In the Orphan Basin, offshore Newfoundland and Labrador, the three companies plan an exploration well to begin activities this year. Chevron will be the operator and have a 65% interest, with Repsol having 20% and Statoil 15%.
Also offshore Newfoundland and Labrador, the companies have two exploration parcels in the Flemish Pass Basin. Statoil will be the operator with a 50% interest; Chevron will have 40% and Repsol 10%.
Chevron and Statoil plan a 3D seismic program for the Beaufort Sea, located offshore the Northwest Territories. Chevron will be the operator with a 60% stake and Statoil will have the remaining 40%.
"These agreements significantly strengthen our exploration position in Atlantic Canada and in the Beaufort Sea and reaffirm our commitment to achieving long-term growth in Canada," Jeff Lehrmann, Chevron Canada's president, said in the statement. "We look forward to working with Statoil and Repsol to achieve exploration success in these highly prospective basins."
