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.

Have a news tip? Share it with Rigzone!


Click on the button below to add a comment.
Post 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.

Related Companies

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  Aker Solutions to Buy Brazilian C.S.E (Oct 21)
 -  Sea Trucks Group Secures Work Offshore... (Oct 21)
 -  Shell Divests Non-Core Oil, Gas Proper... (Oct 21)
 -  Petrofac Appoints New CFO (Oct 21)
 -  Wheatstone LNG Development Start-Up in... (Oct 20)

Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: Account Rep, Bus Dev, Sr
Expertise: Business Development|Sales
Location: Houston, TX
Business Development Manager
Expertise: Business Development|Construction Manager|Sales
Location: Tempe, AZ
SXL- Manager, Business Development
Expertise: Business Development
Location: Newtown Square, PA
search for more jobs

Brent Crude Oil : $49.98/BBL 1.59%
Light Crude Oil : $49.18/BBL 1.56%
Natural Gas : $2.73/MMBtu 1.44%
Updated in last 24 hours