Tullow joins Statoil offshore Mozambique

Offshore staff

STAVANGER, Norway – Tullow Oil has taken a 25% interest from Statoil (OSE:STL, NYSE:STO) in an exploration license offshore Mozambique. The new partners plan to spud a first well in 2013.

The license comprises two blocks in the Rovuma basin, covering a total area of 7,800 sq km (3,012 sq mi). Water depths range from 300-2,400 m (984-7,874 ft).

“Having Tullow onboard allows us to share the geological risk while retaining a significant working interest,” said Nick Maden, Statoil’s senior VP, exploration international. “Large gas discoveries have recently been made north of our acreage, and the prospectivity for hydrocarbons in the Statoil-operated blocks is promising.”

Statoil will retain a 65% working interest. The remaining 10% is held by Empresa Nacional de Hidrocarbonetos, which is carried through the exploration phase.

8/14/2012

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