Statoil buys stakes in two South African offshore blocks

Statoil buys stakes in two South African offshore blocks

 

EBR Staff Writer Published 08 September 2017

 

Norwegian energy major Statoil has added exploration licenses in South Africa with the acquisition of participating stakes in two offshore blocks at undisclosed price.

In a transaction with ExxonMobil Exploration and Production South Africa (Exxon Mobil), Statoil has purchased a stake of 35% in Exploration Right 12/3/252 Transkei-Algoa.

Exxon Mobil, which is the operator of the block, retains a 40% stake while the remainder 25% will be owned by Impact Africa.

The Transkei-Algoa license cover an area of nearly 45,000km2 in water depths up to 3,000m.

In another transaction, Statoil has bought a stake of 90% along with operatorship in the Exploration Right 12/3/257 East Algoa. OK Energy will hold the remaining 10% in the license that spans about 9,300km2.

Statoil southern hemisphere exploration senior vice president Nick Maden said: “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.”

Statoil’s purchase of first license in South Africa was in 2015 when it acquired a stake of 35% in the Tugela South Exploration Right offshore block. Exxon Mobil is the operator of Tugela South with a stake of 40% while the remainder 25% is held by Impact Africa.

Located in eastern South Africa, the Tugela South offshore block covers an area of about 9,054km2 and is contained in water depths up to 1,800m. Both Transkei-Algoa and East Algoa are located adjacent to the Tugela South block.

Recently in July, Statoil raised its stake to 76% in the BM-S-8 licence in the Santos basin in Brazil. For this, the Norwegian energy firm agreed to pay about $379m for a stake of 10% from Queiroz Galvão Exploração e Produção.

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