Statoil’s 10% divestment in Block 39 is facilitated through two separate, simultaneous transactions. The company acquired 7.5% from Total SA under one agreement, and then divested 10% in Block 39 through a separate agreement, reducing its net equity by 2.5%.
The deals are subject to approval from Angola’s Sonangol E&P, the Angolan minister of petroleum, and the license partners.
“The transactions will allow Statoil to unlock capital ahead of an extensive drilling campaign in the Kwanza basin,” said Gareth Burns, Statoil senior vice-president in global strategy and business development.
Statoil in April agreed to farm out 15% interest in Block 39 to WRG Angola Block 39 Ltd. (WRG) and 15% interest in Block 38 to China Sonangol International Holdings (OGJ Online, Apr. 3, 2014).
Both transactions have received approval from Sonangol PP, the Angolan Ministry of Petroleum, and the license partners, and are expected to be completed shortly, Statoil says.
Following completion of all transactions, Block 39 interest holders are operator Statoil 37.5%, Sonangol P&P 30%, WRG 15%, Ecopetrol 10%, and Total 7.5%. Block 38 interest will be held by operator Statoil 45%, Sonangol P&P 30%, WRG 15%, and Ecopetrol 10%.
Statoil is also partner in Blocks 22, 25, and 40 in the Kwanza basin. The exploration blocks were awarded by Sonangol in December 2011.
The company’s equity production from Angola totaled 200,000 b/d of oil in 2013. Statoil has participating interests in four producing assets and several other licenses in the Congo basin.