Statoil farms into Tugela South offshore South Africa

Statoil ASA said it has acquired a 35% interest in an exploration block offshore eastern South Africa through a farmin with a unit of ExxonMobil Exploration & Production.

The 12/3/154 Tugela South Exploration Right lies in 1,800 m of water and covers 9,054 sq km.

The farmin “represents access into a frontier basin where we believe we see indications of an active petroleum system,” said Nick Maden, Statoil senior vice-president.

Operator ExxonMobil E&P South Africa Ltd. now has 40%, while Impact Africa Ltd. has 25%. ExxonMobil acquired the 75% stake in 2012.

Work commitments through 2017 include acquisition of 1,000 sq km of 3D seismic, and studies of geology and geophysics, but no wells (OGJ Online, Mar. 12, 2009).

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