Statoil adds exploration licenses in South Africa

StatoilSource:

Statoil has acquired participating interests in two additional offshore frontier blocks, including one operatorship.

Statoil has completed a transaction with ExxonMobil Exploration and Production South Africa Limited (ExxonMobil), acquiring a 35% interest in Exploration Right 12/3/252 Transkei-Algoa. Operator ExxonMobil retains 40% interest, while Impact Africa holds 25%.The license covers approximately 45,000 square kilometres in water depths up to 3,000 metres.

Statoil has also completed a transactionwith OK Energy Ltd, acquiring 90% interest and operatorship in the Exploration Right 12/3/257 East Algoa. The remaining 10% interest is held by OK Energy. The licence covers approximately 9,300 square kilometres.

Statoil entered its first license in South Africa in 2015, acquiring a 35% interest in the ExxonMobil-operated Tugela South Exploration Right.

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