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Norway-based Statoil will hold 33.33% of the COL4 offshore license in the Colombia, the company said Thursday.

Repsol and ExxonMobil Exploration Columbia will each hold 33.33% of the license.

Repsol will operate the license.

The COL4 is located off the coast of Columbia in the Caribbean Sea.

“Deepwater offshore Colombia is virtually untested. The award of new acreage in this frontier area is in line with our exploration strategy of early access at scale”, according to Nick Maden, senior vice president for Statoil’s exploration activities in the Western Hemisphere.

The licence award represents a country entry for Statoil into Colombia, he said.

The entry is an early exploration phase and the initial working commitments include 2D and 3D seismic acquisition which will allow Statoil to further assess the potential of the basin.

The license is subject to final approval by the National Hydrocarbons Agency of Colombia.

Statoil said there are no well commitments during the first exploration phase.