Statoil bags 14 Gulf of Mexico leases, persists with Russian plans

Norway’s Statoil has bagged 14 offshore oil and gas exploration leases in the Gulf of Mexico.

Confirming the move on Thursday, Statoil said its bid for the leases was green-lighted by the US Department of the Interior's Central Region Gulf of Mexico rights sale held in New Orleans.

The winning bids will now be subject to final approval by the authorities. On Wednesday, Statoil announced plans to drill four exploration wells in Russia despite market fears about the move falling foul of international sanctions on the Kremlin.

However, a spokesperson said: “Required approvals were being sought from authorities to ensure compliance with US and EU sanctions on Moscow. Clarity is being sought from the Norwegian Government. Statoil will not be proceeding without necessary approvals prior to the move planned for 2016.”

It is understood that two of the wells would be in Western Siberia with another two offshore wells in the Sea of Okhotsk. The company maintains its proposals fall outside the latitude of international sanctions, but has so far not provided any further details.