Statoil ASA (NYSE: STO) said Oct. 30 it has together with partners submitted a winning bid on the A5-A block offshore Mozambique in the fifth competitive bidding round.
The Eni SpA (NYSE: E) led partnership will subsequently enter into negotiations with the authorities.
The A5-A block is located in the Northern Zambesi basin in the Angoche area about 1,500 km (932 miles) north of the capital Maputo, the release said. The block covers an area of 5,145 square km (1,986 square miles) in water depths ranging from 200 to 1,800 meters (656 to 5,906 feet).
Eni is the operator of the joint venture with 34% participating interest. Partners are Statoil and Sasol Ltd. (NYSE: SSL) with 25.5% each and ENH with 15%.
The minimum work program includes seismic and three commitment wells, the release said.
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