Statoil acquires an interest in two South African exploration licences

Norwegian multinational oil and gas company Statoil has acquired an interest in two South African oil and gas exploration licences.

It has bought a 35% interest in exploration right 12/3/252 Transkei-Algoa from ExxonMobil Exploration and Production South Africa. The licence covers about 45 000 m² in water depths of up to 3 000 m.

ExxonMobil retains a 40% interest in the licence, while Impact Africa holds the remaining 25% interest.

Further, Statoil has also bought a 90% interest in exploration right 12/3/257 East Algoa from OK Energy, which retains a 10% interest. The licence covers about 9 300 m².

“These transactions strengthen Statoil’s position in South Africa and our long-term exploration portfolio. This is in line with our global exploration strategy of early access in basins with high potential,” Statoil southern hemisphere senior VP Nick Maden said in a statement on Thursday.