Statoil sells stake in Angola offshore block

Source:Statoil

Statoil sells stake in Angola offshore block Statoil is divesting its 5% participating interest in the ENI-operated block 15/06 offshore Angola to the concessionaire Sonangol E.P.

The transaction, subject to customary closing conditions, includes a consideration of USD 200 million and an effective date of 1 January 2013.

“This transaction is part of Statoil’s continued optimisation process to maximise value and focus financial and organisational capabilities to core assets. The transaction will allow Statoil to unlock capital and contribute to improved financial flexibility going forward,” says Statoil sub-Saharan Africa senior vice president Tove Stuhr Sjøblom.

Statoil in Angola
The Angolan continental shelf is the largest contributor to Statoil's oil production outside Norway and is a key building block for Statoil’s international production growth.

Statoil’s equity production from Angola equalled approximately 200,000 barrels of oil per day in 2013. In addition to the ownership in four producing assets, Statoil also holds participating interests in several other licenses including exploration blocks in the Kwanza basin offshore Angola.

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