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.
Alan Petzet | Chief Editor Exploration
Alan Petzet is Chief Editor-Exploration of Oil & Gas Journal in Houston. He is editor of the Weekly E&D Newsletter, emailed to OGJ subscribers, and a regular contributor to the OGJ Online subscriber website.
Petzet joined OGJ in 1981 after 13 years in the Tulsa World business-oil department. He was named OGJ Exploration Editor in 1990. A native of Tulsa, he has a BA in journalism from the University of Tulsa.
