Statoil farms out 15% interest in block offshore Angola

Statoil ASA has agreed to farm out a 15% interest in Block 39 of the Kwanza presalt basin offshore Angola to WRG Angola Block 39 Ltd. (WRG). The deal is subject to approval by Sonangol EP, the Angolan minister of petroleum, and the license partners, according to the company.

Statoil operates Block 39 and retains a 40% interest after the farmout. The remaining interest is held by Sonangol (30%) and Total SA (15%) in addition to the interest held by WRG.

“This is part of Statoil’s active portfolio management,” said Gareth Burns, senior vice-president for exploration strategy and business development.

According to Statoil, the Angolan continental shelf is the largest contributor to its oil production outside Norway. Angola yielded about 200,000 boe/d in equity production in 2013, about 28% of the company’s total international oil and gas production.

Statoil says it will start drilling in its Kwanza-operated portfolio during this year’s second quarter, with Dilolo-1 becoming the first high-impact prospect drilled on Block 39. After Dilolo, Statoil will operate its second commitment well on Block 38.

WRG acquired 15% interest in the Statoil-operated Block 38 from Sonangol. Following the acquisition, Statoil still holds a 55% interest with the remaining 30% held by Sonangol.

WRG is a 50-50 joint venture of White Rose Energy Ventures and Genel Energy PLC.

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