Maersk Oil to farmout offshore Angolan block

offshore-angola 2Denmark’s Maersk Oil is looking to sell a part of its deepwater Chissonga project stake in Angola

Chissonga lies in 1,500 metres of water, which makes it an expensive deepwater oil development project, the company said.

Nils Andersen, chief executive of parent firm A.P. Moller-Maersk, said, “We do have a high operating share in Angola and it could be natural to reduce that at a point in time.

"We remain committed to developing the Chissonga field and expect a profitable project. Our ownership in Chissonga is high. We will consider reducing our interest when the project has matured further and the timing is right.”

Maersk Oil currently has a 65 per cent stake in the block with reserves of over 100mn barrels of oil. Chissonga, due to produce its first oil in 2017-18, is one of the key projects that will help the company increase oil production 50 per cent by 2020, Reuters reported.

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