Statoil enters two blocks offshore South Africa

0

Statoil has acquired participating interests in two additional offshore frontier blocks, including one operatorship, off South Africa.

The ‘Norwegian oil major’ entered its first license in South Africa in 2015, acquiring a 35% interest in the ExxonMobil-operated Tugela South Exploration Right.

Last week Statoil said it had completed a transaction with ExxonMobil, acquiring a 35% interest in Exploration Right 12/3/252 Transkei-Algoa.

ExxonMobil, as operator, retains a 40% interest and Impact Africa holds 25%. The license covers approximately 45,000 square kilometers in water depths up to 3,000 meters.

Statoil said it had also completed a transaction with OK Energy Ltd, acquiring 90% interest and operatorship in the Exploration Right 12/3/257 East Algoa, with the remaining 10% interest held by OK Energy. The license covers approximately 9,300 square kilometers.

“These transactions strengthen Statoil’s position in South Africa and our long-term exploration portfolio. This is in line with our global exploration strategy of early access in basins with high potential,” says Nick Maden, senior vice president for exploration in the southern hemisphere.

Share.

About Author

Editor of PESA News

Leave A Reply