Statoil ASA sells 15 pct stake in Angolan oil block

4 April 2014

Statoil ASA of Norway has sold a 15 percent stake in block 39 of the “pre-salt” area of the Kwanza basin in Angola to WRG Angola Block 39, a deal that still needs to be approved by the Angolan authorities, the group said in a statement issued Thursday.

Statoil ASA is the operator of Block 39 and still owns a 40 percent stake following the current deal, and the remaining partner in the blocks are Angolan state company Sonangol, Total with 15 percent each and WRG Angola Block 39 with the remaining 15 percent.

Noting that Angola’s continental platform provided most of its production outside Norway, the group also said that it would start test drilling in this quarter of the year.

WRG Angola, which has also bought a 15 percent stake in Block 38 from Statoil ASA, is an equal partnership of White Rose Energy Ventures and Genel Energy PLC, owned by two former chief executives of BP, John Browne, whose British title is Lord Browne of Madingley, and Tony Hayward. (macauhub)