Statoil to explore offshore South Africa with farm-in deal
STAVANGER, Norway -- Statoil has completed a farm-in transaction with Exxon Mobil Exploration and Production South Africa Limited, acquiring a 35% interest in the ER 12/3/154 Tugela South Exploration Right. The remaining interests are held by the operator Exxon Mobil (40%) and co-venturer Impact Africa Limited (25%).
“This opportunity is in line with Statoil’s exploration strategy of access at scale. It represents access into a frontier basin where we believe we see indications of an active petroleum system and which has impact potential,” Nick Maden, senior V.P. for Statoil's exploration activities in the Western Hemisphere, said.
“The position strengthens and increases the optionality in Statoil’s long-term international portfolio. We look forward to working with Exxon Mobil, Impact Africa and the South African government to explore for oil and gas in this new area for Statoil,” Maden added.
The Tugela South Exploration Right covers an area of approximately 9,054 km2. It is located offshore eastern South Africa in water depths up to 1,800 m.
The farm-in represents a country entry for Statoil into South Africa. Statoil enters in an early exploration phase with a step-wise exploration program. Work commitments between 2015 and 2017 include the acquisition of 1,000 km2 of 3D seismic data and G&G studies. There are no commitment wells during this exploration period.
The information obtained from the initial studies and seismic survey will form the decision basis for the co-venturers’ next steps in the Exploration Right.
