Looking for a specific product?

Make a search for products & suppliers, articles & news.

Statoil farms down in Mozambique

Statoil has farmed down a 25% working interest in its operated exploration licence offshore Mozambique to Tullow Oil plc (Tullow).

The licence, which consists of two blocks under one licence agreement is located in area 2 and 5 offshore Mozambique in the Rovuma basin.

"The farm-down reflects the attractiveness of Statoil's acreage in Mozambique and having Tullow onboard allows us to share the geological risk while retaining a significant working interest," says Nick Maden, senior vice president in Exploration international in Statoil.

The blocks are located in a frontier area with a water depth varying between 300 and 2,400 metres. The area covers 7,800 square kilometres.

"Our presence in Mozambique is in line with Statoil's exploration strategy focusing on early access in a prolific region. Large gas discoveries have recently been made north of our acreage and the prospectivity for hydrocarbons in the Statoil operated blocks is promising," adds Maden.

Statoil operates the licence and retains a 65% working interest after the farm down. The remaining 10% interest is held by Empresa Nacional de Hidrocarbonetos (ENH) which is carried through the exploration phase. ENH has waived its pre-emption right and approved the agreement.

Associated companies:


Related news

Latest news

New Zealand Navy turns to Vestdavit for hands-on experience

Since 2000, Vestdavit has supplied 14 davits for seven NZ Navy vessels.

DNV GL and AEP Ohio win Energy Award for helping new energy efficient technology in ultra-low temperature freezers reach the market

Stirling ultra-low temperature freezers now ENERGY STAR certified

New 4K Displays Enable Cutting-Edge Multi-Data Fishing Vessel Bridge Solution from Furuno Norway

Newbuild Danish trawler 'Gitte Henning' first to benefit from large-format, ultra high definition bridge display innovation.

New DNV GL class notations aim to improve stern tube bearing performance

In the “Shaft align” class notations and the revised main class requirements for single stern tube bearing installations,

DNV GL provides due diligence to institutional lenders for investment in 659 MW Walney offshore wind project

Through DNV GL’s technical assessment to the group of lenders,

Welcome to the new service centre in Rørvik!

OK Marine will sell and offer service of its recognized cleaning fish products.

DNV GL boosts investment in 3D printing with establishment of Global Additive Manufacturing Centre of Excellence in Singapore

Through the newly established centre, DNV GL is running the recently announced collaboration with Sembcorp Marine,

DNV GL advised Partners Group on technical risks in its investment in Borssele III-IV

Due diligence on Dutch offshore wind project focused on technical risks.

Next generation hull calculation software: DNV GL launches Nauticus Hull version V20

With new ship rules and IACS requirements increasing the scope of hull design,