Statoil completes acquisition of 35% stake in Exxon SA

Statoil completes acquisition of 35% stake in Exxon SA

Statoil has said it has completed a transaction with Exxon Mobil Exploration and Production South Africa Limited acquiring a 35% interest in Exploration Right 12/3/252 Transkei-Algoa.

Operator ExxonMobil retains 40% interest, while Impact Africa holds 25%.The license covers approximately 45,000 square kilometres in water depths up to 3,000 metres.

Statoil has also completed a transaction with OK Energy Ltd, acquiring 90% interest and operatorship in the Exploration Right 12/3/257 East Algoa. The remaining 10% interest is held by OK Energy. The licence covers approximately 9,300 square kilometres.

“These transactions strengthen Statoil’s position in South Africa and our long-term exploration portfolio. This is in line with our global exploration strategy of early access in basins with high potential,“ says Nick Maden, senior vice president for exploration in the southern hemisphere.

Statoil entered its first license in South Africa in 2015, acquiring a 35% interest in the ExxonMobil-operated Tugela South Exploration Right.

Statoil is a Norwegian-based energy company with operations in more than 30 countries. Since 1972 the company has explored, developed and produced oil and gas on the Norwegian continental shelf. From the early nineties they have built the company has presence in Europe, Africa, North America and Brazil.