Statoil increases Tanzanian presence

Published May 24, 2013 2:14 pm ET

Norwegian oil giant Statoil has increased its holdings off east Africa after acquiring a 12% working interest in a licence offshore Tanzania from Petrobras.

The stake in Block 6 covers 5549sq km in the Mafia basin, with water depths of 1800m. This is about 170km north of Block 2, operated by Statoil and in which the company has made three large discoveries during 2012 and 2013.

After the deal is completed, Petrobras will retain a 38% interest with the remaining 50% held by Shell.

Tanzania is an emergencing major gas province. Statoil's lateset discovery there was with partner ExxonMobil in March.

This saw the discovery of 4-6Tcf of natural gas in place in the Tangawizi-1. It was 10km from the Zafarani and Lavani discoveries.

Statoil and ExxonMobil are also working on additional prospects in Block 2 and have recently acquired 3D seismic data in areas of the block so far covered only by 2D seismic.

Statoil operates the licence on Block 2 on behalf of Tanzania Petroleum Development Corporation (TPDC) and has a 65% working interest, with ExxonMobil Exploration and Production Tanzania Limited holding the remaining 35%.

Statoil has been in Tanzania since 2007, when it was awarded the operatorship for Block 2.