Norwegian multinational oil and gas company Statoil has acquired an interest in two South African oil and gas exploration licences.
It has bought a 35% interest in exploration right 12/3/252 Transkei-Algoa from ExxonMobil Exploration and Production South Africa. The licence covers about 45 000 m2 in water depths of up to 3 000 m.
ExxonMobil retains a 40% interest in the licence, while Impact Africa holds the remaining 25% interest.
Further, Statoil has also bought a 90% interest in exploration right 12/3/257 East Algoa from OK Energy, which retains a 10% interest. The licence covers about 9 300 m2.
“These transactions strengthen Statoil’s position in South Africa and our long-term exploration portfolio. This is in line with our global exploration strategy of early access in basins with high potential,” Statoil southern hemisphere senior VP Nick Maden said in a statement on Thursday.