Statoil sells Angolan offshore block stake to Sonangol E&P

offshore angola-QR9iudjz0 sxc.huBlock 15/06 is located approximately 350km northwest of Luanda in deep offshore Angola and covers around 2,984 sq km, with a water depth ranging from 220 metres to 1,700 metres. (Image source: QR9iudjz0/sxc.hu)Statoil will be selling its five per cent participating interest in the Eni-operated Block 15/06 offshore Angola to Sonangol E&P

The Norwegian multinational oil and gas company said that the transaction, subject to customary closing conditions, includes a consideration of US$200mn.

Tove Stuhr Sjøblom, senior V-P of Statoil sub-Saharan Africa, said, “This transaction is part of Statoil’s continued optimisation process to maximise value and focus financial and organisational capabilities to core assets. The transaction will allow Statoil to unlock capital and contribute to improved financial flexibility going forward.”

According to the company, the Angolan continental shelf is the largest contributor to Statoil’s oil production outside Norway and is a key building block for Statoil’s international production growth.

Statoil’s equity production from Angola equalled around 200,000 bpd in 2013. In addition to the ownership in four producing assets, Statoil also holds participating interests in several other licenses including exploration blocks in the Kwanza Basin offshore Angola.

The deal follows one announced in February 2014 when Total announced the sale of its 15% participating interest in the offshore Angola Block 15/06 to Sonangol E&P. The Total transaction was valued at US$750mn.

 

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