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2014-04-08 18:04:00

STATOIL WILL START ANGOLA

STATOIL WILL START ANGOLA

OTStatoil has signed an agreement to farm down a 15% interest to WRG Angola in block 39 offshore Angola, located in the Kwanza pre-salt basin, in a 50/50 joint venture comprising White Rose Energy Ventures and Genel Energy.

Statoil exploration strategy and business development senior vice-president Gareth Burns said the agreement is part of the company's portfolio management and reflects the attractiveness of its acreage in Angola.

"WRG brings technical experience to a challenging geological setting, and we look forward to a productive relationship with them in Angola," Burns said.

After the farm down Statoil will operate block 39, retaining a 40% interest, with the remaining 30% interest held by Sonangol P&P, 15% interest by Total and 15% interest by WRG.

WRG has also acquired its 15% interest in block 38 operated by Statoil from China Sonangol International, following which Statoil's 55% interest remains unchanged.

Sonangol holds the remaining 30% interest and another 15% interest is held by WRG.

According to Statoil, the deals are subject to approval by Sonangol E&P, the Angolan minister of petroleum and the licence partners.

The company, which is partner in blocks 22, 25 and 40 in the Kwanza basin in addition to blocks 38 and 39, completed a 3D survey together with Total and BP across the licences covering blocks 24, 25, 40, 38 and 39 in January 2013, covering 26,300km².

Statoil will start drilling in its Kwanza-operated portfolio during the second quarter of 2014, initially with Dilolo-1 prospect in block 39.

After Dilolo, the company will operate its second well in block 38 to the north of block 39 and in the next two to three years it will participate in eight wells in the Kwanza basin in total.

Tags: STATOIL, ANGOLA, OFFSHORE

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