Norwegian oil major Statoil has announced that it has farmed down a 25 per cent working interest in its exploration license offshore Mozambique to Japan’s Inpex Corporation
The license consisting of two blocks is located in areas 2 and 5 offshore Mozambique in the Rovuma Basin.
Statoil senior vice president for international exploration Nick Maden said, “The farm-down reflects the attractiveness of Statoil’s acreage in Mozambique. Bringing INPEX onboard allows the companies to diversify geological risk while sharing the potential upside. The first out of two wells in the license will be drilled during the second quarter by the drillship Discoverer Americas.
“Our presence in Mozambique is in line with Statoil’s exploration strategy, focusing on early access in a prolific region. Large gas discoveries have recently been made north of the acreage and the prospect for hydrocarbons in the Statoil operated blocks is promising,” he added.
After the farm-in completion the license will continue to be operated by Statoil Oil and Gas Mozambique with a 40 per cent participating interest. Other partners include Tullow Mozambique, who holds a 25 per cent interest, and Mozambique's state oil company ENH, who holds 10 per cent.
