Statoil has completed a farm-in transaction with ExxonMobil, acquiring a 35% interest in the ER 12/3/154 Tugela South Exploration Right offshore South Africa.
The remaining interests are held by operator ExxonMobil (40%) and co-venturer Impact Africa (25%).
“This opportunity is in line with Statoil’s exploration strategy of access at scale. It represents access into a frontier basin where we believe we see indications of an active petroleum system and which has impact potential,” says Nick Maden, senior vice president for Statoil's exploration activities in the Western Hemisphere.
“The position strengthens and increases the optionality in Statoil’s long-term international portfolio. We look forward to working with ExxonMobil, Impact Africa and the South African government to explore for oil and gas in this new area for Statoil,” says Maden.
The Tugela South Exploration Right covers an area of approximately 9054sq km. It is offshore eastern South Africa in water depths up to 1800m.
The farm-in represents a country entry for Statoil into South Africa. Statoil enters in an early exploration phase with a step-wise exploration program. Work commitments between 2015 and 2017 include the acquisition of 1000sq km of 3D seismic data and geology and geophysics (G&G) studies. There are no commitment wells during this exploration period.
The information obtained from the initial studies and seismic survey will form the decision basis for the co-venturers’ next steps in the Exploration Right.