Norwegian oil group Statoil sells stake in Mozambican oil blocks to Japan’s Inpex Corp

3 April 2013

Norwegian group Statoil has a sold 25 percent of the stake owned by its subsidiary Statoil Oil & Gas Mozambique in an oil exploration license in Mozambique to the Mozambican subsidiary of Japanese group Inpex Corp, the group said in a statement issued Tuesday.

The contract between the two companies, which has been confirmed by both groups, will give Inpex Mozambique Ltd 25 percent of blocks 2 and 5 in the Rovuma basin, in northern Mozambique, as the license includes both blocks.

According to the vice president of Statoil, Nick Maden, the first of the two licensed wells, included in an exploration area of 8041 square kilometres with depths of between 300 and 2,500 metres, “will be drilled in the second quarter,” of this year by the Discover Americas ship.

This is the second time in less than a year that the Norwegian company has sold part of its stake in the Rovuma basin, after selling 25 percent of its exploration rights in August 2012 to British company Tullow.

After conclusion of the deal, which still needs approval from the Mozambican authorities, the blocks will still be operated by Statoil Oil & Gas Mozambique, with its 40 percent stake, Inpex Mozambique (25 percent), Tullow Mozambique Ltd (25 percent), a subsidiary of the Tullow Oil group and Mozambican state company Empresa Nacional de Hidrocarbonetos (ENH), with 10 percent. (macauhub)