Statoil bags Angola awards

STATOIL HAS CONFIRMED that it has been awarded operatorships and participation interests in a total of five ultra-deepwater blocks in Angola’s frontier pre-salt play.

State-owned oil company Sonangol awarded the Norwegian giant operatorship of blocks 38 and 39 in the Kwanza basin, where it will hold 40 per cent stakes, under an Angolan licensing tender in which 13 major international oil companies participated.

Statoil will also gain 20 per cent interests in each of blocks 22, 25 and 40, having submitted a bid that included a comprehensive work programme and a signature bonus for each block.

“The Angolan pre-salt is a frontier play with high potential. This presents Statoil with the opportunity to access several high-impact exploration prospects that are believed to be analogous to pre-salt Brazil,” said Statoil’s executive vice president for exploration Tim Dodson.

“Securing a multiple block portfolio early on in the exploration of this new play is a big advantage. Such a strong and influential position gives Statoil exposure to significant upside potential should the play be proven.”

As a major partner in Angolan blocks 4/05, 15, 15/06, 17, 31 and 34, Statoil already participates in ten producing fields and in four new fields under development - Pazflor, PSVM, Kizomba satellites and CLOV. Statoil’s equity production from Angola is currently about 180000 bpd, representing close to 10 per cent of Statoil’s production.

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