The Eni-led partnership will subsequently enter into negotiations with the authorities.
The A5-A block is located in the Northern Zambesi basin in the Angoche area about 1,500 km (932 mi) north of the capital Maputo. The block covers an area of 5,145 sq km (1,986 sq mi) in water depths ranging from 200 to 1,800 m (200 to 1,118 mi).
The minimum work program includes seismic and three commitment wells.
“The Angoche area is a very promising frontier basin with significant oil potential and builds on Statoil’s exploration strategy of access at scale,” says Nick Maden, senior vice president for Statoil’s exploration activities in the Western Hemisphere.
Eni is the operator of the joint venture with 34% participating interest. Partners are Statoil and Sasol with 25.5% each and ENH with 15%.