Statoil Signs New PSA in Angola

A production sharing agreement (PSA) has been signed for block 15/06 off Angola, giving Statoil a 5% interest in the deepwater block.

The PSA was signed by Statoil and Angolan national oil company Sonangol, the latter being the 15/06 concessionaire. Angola is a key country to Statoil and the group has actively been looking for ways to expand its portfolio in this area.

"I am happy that we are able to drill more prospects in a block where Statoil and its partners have had great success," says Bill Maloney, senior vice president for global exploration in the International Exploration & Production business area.

The work program for block 15/06 is extensive, covering 3D seismic surveys and includes the drilling of eight wells, to be carried out in the first five years of the exploration phase.

Block 15/06 covers an area of 2,984 square kilometers. The area is located about 100 kilometers from Luanda in water depths of 300-1,800 meters. The new block consists of relinquished parts of block 15. The relinquishment took place in 2002, as the exploration period of that acreage of block 15 expired.

Eni is the operator of the block with a 35% interest.

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