This gives the Norwegian company a 35% interest in the ER 12/3/154 Tugela South Exploration Right.
ExxonMobil operates with a 40% stake, in partnership with Impact Africa Ltd. with 25%.
The deal gives Statoil access to a frontier basin “where we believe we see indications of an active petroleum system and which has impact potential,” said Nick Maden, the company’s senior vice president for exploration activities in the Western Hemisphere.
Tugela South covers around 9,054 sq km (3,496 sq mi) offshore eastern South Africa in water depths up to 1,800 m (5,905 ft).
Work commitments between 2015 and 2017 include acquisition of 1,000 sq km (386 sq mi) of 3D seismic data and geology and geophysics studies. There are no commitment wells during this period.
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