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Statoil picks up two South Africa licenses

Written by  OE Staff Thursday, 07 September 2017 10:30

Statoil has signed agreements with two companies that will see the Norwegian giant farm into licenses offshore South Africa, and gaining operatorship in one.

Map from Statoil.

Statoil completed a deal with ExxonMobil E&P South Africa to acquire a 35% interest in exploration right 12/3/252 Transkei-Algoa. 

Operator ExxonMobil retains 40% interest, while Impact Africa holds 25%.The license covers approximately 45,000sq km in water depths up to 3000m.

Statoil has also completed a transaction with 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 license covers approximately 9300sq km. 

“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.

 
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