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Statoil exploration in new Algeria licenses to last until 2017

Reuters - UK Focus

OSLO, Sept 30 (Reuters) - The first exploration phase of the new licenses won by Statoil (Xetra: 675213 - news) in Algeria is expected to last up to 2017, the Norwegian oil and gas firm said on Tuesday.

Statoil and Shell (LSE: RDSB.L - news) were awarded on Tuesday a license to explore in the southeastern part of the country, in Timissit, covering an area of 2,730 square kilometers.

"The first exploration phase ... (will) include the drilling of two wells and seismic (survey) acquisition," Nick Maden, Statoil's senior vice-president for exploration on the Western Hemisphere, said in a statement. (Reporting by Nerijus Adomaitis, editing by Gwladys Fouche)