Statoil exits Angola block

May 12, 2014

Statoil announced plans to divest its interest in the ENI-operated block 15/06 offshore Angola for US$200 million.

The transaction, which will be effective 1 January 2013, means concessionaire Sonangol EP will pick up Statoil's 5% participating interest. Statoil's sub-Sarharan Africa Senior Vice President Tove Stuhr Sjøblom said the sale is part of the company's plan to maximize value and focus its financial and organizational capabilities on core assets. 

The Norwegian major called the Angolan continental shelf a key building block for its international production growth, and the largest contributor to its oil production outside of Norway.

"Angola yielded approximately 200,000boe/d in equity production in 2013, which is around 28% of our total international oil and gas output," said Steinar Pollen, Statoil’s country manager in Angola, back in April.

In addition to the ownership in four producing assets, Statoil also holds participating interests in several other licenses including blocks 22, 25 and 40 in the Kwanza basin. Statoil expects to start drilling in the Kwanza basin off Angola during 2Q 2014. Statoil will participate in eight commitment wells in the Kwanza basin, the company previously announced in April.

In April, Statoil signed an agreement to farm down a 15% interest to WRG Angola Block 39 Ltd. in the Statoil-operated block 39 offshore Angola in the Kwanza pre-salt basin. Statoil remains operator of block 39 and retains a 40% interest. The remaining 30% interest is held by Sonangol P&P, 15% interest by Total and 15% interest by WRG.

Image: Harald Pettersen/Statoil ASA



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