Africa Biz Construction and Business News
Statoil Acquires 35% Interest in Oil Exploration Rights Offshore South Africa
September 7, 2017
Statoil, a multinational oil and gas company headquartered in Stavenger, Norway, has purchased a sizeable share of offshore oil exploration rights from ExxonMobil Exploration and Production Limited of South Africa.
The acquisition is for 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.
Nick Maden, senior vice president for exploration in the southern hemisphere.
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.
“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% interest in the ExxonMobil-operated Tugela South Exploration Right.