Norway’s Statoil reduces stakes in Angolan oil blocks

7 July 2014

Norwegian oil company Statoil plans to reduce the stakes it owns in two offshore oil blocks in Angola, in order to fund an “extensive drilling campaign” in the Kwanza River basin, also in Angola, said a senior company official.

Gareth Burns, vice president for business strategy and development said last week that the sales were part of a continuing process of adjustment of Statoil’s portfolio, “in order to maximise the value of the assets.”

With this in mind Statoil is selling 10 percent of the stakes it owns in Angolan blocks 38 and 39 to Colombian oil company Ecopetrol.

After these deals go through, for a so far unnamed amount, Statoil has said it will continue as operator of both blocks, which are located in deep waters off the southern coast of Angola.

The transactions are subject to approval by Angolan state oil company Sonangol, the national concessionaire, as well as the Angolan Oil Ministry.

With these changes, block 39 will be 37.5 percent owned by Statoil, its operator, by Total (7.5 percent), WRG (15 percent), Ecopetrol (10 percent) and Sonangol (30 percent) and block 38 will continue to have Statoil as its operator (45 percent) and be 15 percent owned by WRG, 10 percent by Ecopetrol and 30 percent by Sonangol.

In Angola, where it extracted around 200,000 barrels of oil per day in 2013, Statoil also has stakes in blocks 22, 25 and 40, in the Kwanza River basin. (macauhub/AO)