South Africa: Statoil farms into two exploration blocks offshore South Africa
07 Sep 2017
Statoil has acquired participating interests in two additional offshore frontier blocks, including one operatorship.
Statoil has completed a transaction with ExxonMobil, acquiring a 35% interest in Exploration Right 12/3/252 Transkei-Algoa. Operator ExxonMobil retains 40% interest, while Impact Africa holds 25%.The license covers approx. 45,000 sq kms in water depths up to 3,000 metres.
Statoil has also completed a transactionwith OK Energy, acquiring 90% interest and operatorship in the Exploration Right 12/3/257 East Algoa. The remaining 10% interest is held by OK Energy. The licence covers approx. 9,300 sq kms.
'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.
Statoil entered its first license in South Africa in 2015, acquiring a 35% interest in the ExxonMobil-operated Tugela South Exploration Right.