ExxonMobil, Statoil Team Up Offshore Tanzania

Statoil has signed an agreement with an affiliate of ExxonMobil to transfer 35% of its interest in the Statoil-operated Block 2 in Tanzania. Statoil now holds 65% interest in the 11,099 square kilometres block.

"Statoil is looking forward to working with ExxonMobil in our frontier acreage offshore Tanzania. This is a deepwater environment and both companies have extensive deepwater experience," said Tim Dodson, senior vice president Exploration.

The agreement, executed between Statoil Tanzania AS and ExxonMobil Exploration and Production Tanzania Limited, was approved by the Tanzania government on 9 March.

Statoil signed a Production Sharing Agreement on April 18, 2007 with the Government of the United Republic of Tanzania and the Tanzania Petroleum Development Corporation (TPDC).

Offshore Tanzania is considered a frontier exploration area. A phase of 2D seismic acquisition was completed in 2008 and the acquisition of a 3D seismic survey was completed in February this year.