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Mozambique: Tullow takes Statoil deepwater farmout

Tullow Oil PLC has taken a farmout from Statoil to acquire a 25% working interest in a Statoil-operated license in the Rovuma basin offshore Mozambique. Commercial terms are confidential.

The license, on which exploratory drilling is to start in 2013, consists of blocks 2 and 5 that cover a combined 7,800 sq km in 300-2,400 m of water. The blocks are south of where groups led by Anadarko Petroleum Corp. and Eni SPA have made world-class natural gas discoveries in offshore areas 1 and 4.

Statoil retains a 65% working interest in the license, and Mozambique’s state Empresa Nacional de Hidrocarbonetos has 10% carried through the exploration phase.

ENH has waived its pre-emption right and approved the agreement, and the government has granted approval subject to the tax authorities’ opinion on applicable transaction taxes.


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