“This transaction is part of Statoil’s continued optimization process to maximize value and focus financial and organizational capabilities to core assets,” said Tove Stuhr Sjoblom, Statoil sub-Saharan Africa senior vice-president. “The transaction will allow Statoil to unlock capital and contribute to improved financial flexibility going forward.”
Statoil said the Angolan continental shelf is the largest contributor to its oil production outside Norway and is a key building block for the company’s international production growth.
Statoil’s equity production from Angola totaled 200,000 b/d in 2013. In addition to the ownership in four producing assets, Statoil also holds participating interests in several other licenses including exploration blocks in the Kwanza basin offshore Angola.
Statoil in April agreed to farm out 15% interest in Kwanza’s Block 39 to WRG Angola Block 39 Ltd. (WRG) (OGJ Online, Apr. 3, 2014).