Statoil Wins First Exploration License Offshore Tanzania

Statoil has signed a production sharing agreement for deepwater Block 2 off Tanzania in the Indian Ocean. This is the first time Statoil has been awarded exploration acreage in Tanzania.

The PSA was signed in the capital of Tanzania, Dodoma, between Statoil, the government of the United Republic of Tanzania and the Tanzanian Petroleum Development Corporation (TPDC). Statoil is operator of the block. If a commercial discovery is made, TPDC has the right to participate in joint operations with a 10% participating interest.

"We are very pleased by today's signing and are looking forward to start exploring for oil and gas in an area we see as very interesting," says Bill Maloney, senior vice president for global exploration (GEX) in International Exploration & Production.

Block 2 covers an area of 11,099 square kilometers and has water depths up to 3,000 meters. The area has no previous exploration and is considered to be frontier.

The work program comprises of 5,800 kilometers of 2D seismic and an optional 3D in the initial four-year exploration period.

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