Norway’s Statoil has farmed out a 25% working interest in a high-potential operated exploration licence offshore Mozambique to Japan’s INPEX Mozambique, Ltd., a wholly owned subsidiary of the INPEX Corporation.
The licence, which consists of two blocks under one agreement, is located in areas 2 and 5 in the deepwater Rovuma basin offshore Mozambique.
“The farm-down reflects the attractiveness of Statoil’s acreage in Mozambique. Bringing INPEX onboard allows the companies to diversify geological risk while sharing the potential upside. The first of two wells in the licence will be drilled during the second quarter by the drillship Discoverer Americas,” said Nick Maden, senior vice president of International Exploration at Statoil.
The blocks are located in water depths varying from 300-2,500 m (984-8,202 ft). The area covers 8,041sq km.
“Our presence in Mozambique is in line with Statoil’s exploration strategy, focusing on early access in a prolific region. Large gas discoveries have recently been made north of the acreage and the prospectivity for hydrocarbons in the Statoil-operated blocks is promising,” said Maden.
The block will continue to be operated by Statoil Oil & Gas Mozambique A.S. with a 40% participating interest. The other partners are INPEX Mozambique, Ltd. (25%); Tullow Mozambique Ltd. (25%), a subsidiary of Tullow Oil; and Empresa Nacional de Hidrocarbonetos, E.P., the state oil company (10%).
Recommended Reading
Kosmos Energy’s RBL Increased, Maturity Date Extended
2024-04-29 - Kosmos Energy’s reserve-based lending facility’s size has been increased by about 8% to $1.35 billion from $1.25 billion, with current commitments of approximately $1.2 billion.
Barnett & Beyond: Marathon, Oxy, Peers Testing Deeper Permian Zones
2024-04-29 - Marathon Oil, Occidental, Continental Resources and others are reaching under the Permian’s popular benches for new drilling locations. Analysts think there are areas of the basin where the Permian’s deeper zones can compete for capital.
NOV Announces $1B Repurchase Program, Ups Dividend
2024-04-28 - NOV expects to increase its quarterly cash dividend on its common stock by 50% to $0.075 per share from $0.05 per share.
Repsol to Drop Marcellus Rig in June
2024-04-28 - Spain’s Repsol plans to drop its Marcellus Shale rig in June and reduce capex in the play due to the current U.S. gas price environment, CEO Josu Jon Imaz told analysts during a quarterly webcast.
US Drillers Cut Most Oil Rigs in a Week Since November
2024-04-26 - The number of oil rigs fell by five to 506 this week, while gas rigs fell by one to 105, their lowest since December 2021.