Norway’s Statoil to focus investments in Angola and leave Mozambique

27 November 2013

Statoil, Norway’s largest oil and gas producer plans to focus its investments on the most recent discoveries, specifically in Angola, Tanzania, Brazil and the Gulf of Mexico, the company said.

Cited by financial news agency Bloomberg, the group’s director for prospecting, Tim Dodson, also said that it was very likely Statoil would leave Mozambique.

“We are going to be much more selective in taking on new opportunities,” said Dodson in Oslo, adding that the oil company needed to manage its capital investments very carefully.

Last year Statoil found new proven reserves of 1.5 billion barrels of oil, and so far this year it has so far found 900 million barrels, which is more than any other oil company.

This year Statoil sold Norwegian assets and took on loans to finance increased investments expected over the next few years.

Investments in exploration next year are expected to be similar to those of 2013, or around US$3.75 billion for 60 wells.

Statoil will operate two wells off the coast of Angola next year, two off the Faroe Islands and one or two in the Gulf of Mexico, said Dodson. The company also has plans to drill six wells off the coast of Tanzania. (macauhub)