Statoil acquires two offshore licenses in South Africa

Statoil acquires two offshore licenses in South Africa

Sep 07, 2017
2 min read
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Norway's Statoil has acquired participating interests in two additional offshore frontier blocks from ExxonMobil and OK Energy, including the operatorship of one block.

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

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

“These transactions strengthen Statoil’s position in South Africa and our long-term exploration portfolio. This is in line with our global exploration strategy of early access in basins with high potential,“ says Nick Maden, senior vice president for exploration in the southern hemisphere.

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


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