|Statoil farms down in Mozambique|
| [14.08.2012, 10:07am, Tue. GMT]|
|Norway’s Statoil has farmed down a 25% working interest in its exploration licence offshore Mozambique to Tullow Oil. The licence consists of two blocks located in Area 2 and 5 in the Rovuma basin, covering 7800 square kilometres. The water depths in the blocks range between 300 and 2400 metres. Statoil’s senior vice president in Exploration International, Nick Maden, said in a statement that having Tullow farm into the Mozambique acreage allowed Statoil to share the geological risk while retaining a significant working interest.|
"Our presence in Mozambique is in line with Statoil's exploration strategy focusing on early access in a prolific region,” Maden said.
“Large gas discoveries have recently been made north of our acreage and the prospectivity for hydrocarbons in the Statoil-operated blocks is promising.”
As the operator of the licence, Statoil will retain a 65% working interest after the farm down.
Empresa Nacional de Hidrocarbonetos holds the remaining 10% stake and is carried through the exploration phase.
Statoil said the partnership was currently preparing to spud the first well in the licence next year.
Statoil has been involved in Mozambique for the past six years, having also recently farmed into Tullow's operated asset in Suriname, Block 47, with a 30% working interest.