Statoil has been awarded operatorship for blocks 38 and 39 and partner position in blocks 22, 25, 40 in the Kwanza basin in Angola.
This follows the conclusion of the competitive Limited International Bidding Round organised by Sonangol for access to pre-salt acreage in the Kwanza Basin offshore Angola.
"With 20 years of experience in Angola and a position as one of the largest producers in the country, becoming an operator of two pre-salt licences is an important milestone for Statoil. The Angolan pre-salt is a frontier play with high potential, believed to be analogous to pre-salt Brazil. Early access to a multiple block portfolio in exploring this new play gives Statoil exposure to significant upside potential should the play be proven", says Tim Dodson, executive vice president for Exploration in Statoil.
Statoil is the operator for the following blocks with 55percent interest:
Statoil is a partner in the following blocks with 20percent interest:
Sonangol has a carried interest of 30percent in all blocks during the exploration phase. Statoil will have a financial commitment of approximately 1400 MUSD relating to the abovementioned awards, including signature bonuses and a minimum work commitment.
The work commitment consists of 3D seismic acquisition spanning in total 18,400 square kilometres and participation in eight exploration wells in total. Statoil will also contribute to the development of Sonangol's Research and Technology Center, social projects and training programmes for Sonangol employees.
Statoil's technical and subsurface competence, experience in international deep water exploration and established track record in planning and executing large complex offshore projects will be beneficial in unlocking the exploration potential of this pre-salt play.
Statoil is already partner and has shares in blocks 4/05, 15, 15/06, 17 and 31. The Angolan continental shelf is the largest contributor to Statoil's production outside Norway. Statoil's equity production from blocks 15, 17 and 4/05 yielded. 173,000 barrels of oil equivalent per day in 2010 - 34percent of the company's total international oil and gas output.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles
From the Career Center
Jobs that may interest you