(Add details, comment, paragraphs 3-6)
CALGARY, Alberta, June 26 (Reuters) - Imperial Oil Ltd said on Friday it is deferring plans to drill anexploratory well in the Beaufort Sea in Canada's Arctic as itseeks an extension to the length of its exploration license inthe region.
Pius Rolheiser, a spokesman for the company, said thelicense, which it shares with Exxon Mobil Corp and BPPlc, expires in 2020. It is asking the Canadiangovernment for a nine-year extension so it can complete theregulatory process and have adequate time to make a decision onhow or when it will drill a well in the region.
"There's a significant amount of work between where we aretoday and where we would need to be if we were to drill a wellby 2020," Rolheiser said. "It's our belief the current licenseterm provided insufficient time to do the work we believenecessary."
Imperial is the second oil company to put aside plans todrill in Canada's remote northern sea. But while Imperial isdeferring its drilling operation, Chevron Corp said inDecember it shelved its plan for a Beaufort well because of the"economic uncertainty" brought about by falling oil prices.
Rolheiser said that while Imperial has written regulatorsexplaining its decision, it is still committed to carrying outexploration work in the Beaufort.
Imperial and Exxon each have a 25 percent stake in theBeaufort license while BP holds the remaining 50 percent share. (Reporting by Scott Haggett; Editing by Tom Brown and DavidGregorio)
BP (BP.)