Statoil to Explore Offshore Mozambique

Statoil has together with partners submitted a winning bid on the A5-A block offshore Mozambique in the fifth competitive bidding round.

The Eni led partnership will subsequently enter into negotiations with the authorities.

The A5-A block is located in the Northern Zambesi basin in the Angoche area about 1,500km north of the capital Maputo. The block covers an area of 5,145 square kilometres in water depths ranging from 200 to 1800 meters.

Eni is the operator of the Joint Venture with 34% participating interest. Partners are Statoil and Sasol with 25,5% each and  ENH with 15%.

The minimum work program includes seismic and three commitment wells.

“The Angoche area is a very promising frontier basin with significant oil potential and builds on Statoil's exploration strategy of access at scale,” says Nick Maden, senior vice president for Statoil's exploration activities in the Western Hemisphere.

“The position strengthens and develops our global exploration portfolio. We are enthusiastic about this opportunity and look forward to working with Eni, Sasol and ENH to explore for hydrocarbons offshore Mozambique.” says Maden.

Source: Statoil
Date: Oct 30, 2015