Statoil group sells 25 percent of its oil prospecting license in Mozambique

15 August 2012

Norwegian group Statoil has a sold a 25 percent stake in an oil exploration license in Mozambique to Irish company Tullow Oil, closing a deal that began in April, the group said in a statement issued in Oslo.

The group, which will keep a 65 percent stake in the license for two blocks covering an area of 7,800 square kilometres in the Rovuma basin, in northern Mozambique, in April announced it had found a partner for the two blocks without revealing its name.

Tullow Oil, whose activities are focused in Africa, has two minority stakes in two onshore prospecting licenses – Mtwara and Lindi – in the Tanzanian part of the Rovuma basin.

The Statoil group plans to start test drilling in 2013 taking into consideration the huge natural gas reserves already found by US group Anadarko Petroleum and Italian group ENI.

The financial details of this deal have not been revealed, and the remaining 10 percent of the license remains in the hands of Mozambican state oil and gas company Empresa Nacional de Hidrocarbonetos (ENH). (macauhub)