Statoil Acquires Stake in South Africa's Tugela South
Statoil announced Thursday that it has completed a farm-in transaction with ExxonMobil Exploration and Production South Africa Limited to acquire a 35 percent interest in the ER 12/3/154 Tugela South Exploration Right, located offshore South Africa.
Work commitments in the license between 2015 and 2017 include the acquisition of 386 square miles of 3D seismic data and geology and geophysics studies. The information obtained from the initial studies and seismic survey will form the decision basis for the next exploration steps in the license.
Nick Maden, senior vice president for Statoil's exploration activities in the Western Hemisphere, commented in a company statement:
“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. The position strengthens and increases the optionality in Statoil’s long-term international portfolio. We look forward to working with ExxonMobil, Impact Africa and the South African government to explore for oil and gas in this new area for Statoil.”
Statoil’s joint venture partners in the license comprise ExxonMobil, who is the operator and retains a 40 percent interest following the completion of the deal, and Impact Africa Limited, which holds the remaining 25 percent interest.
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