Statoil divests interest offshore Angola

Statoil is divesting its 5% participating interest in the ENI-operated block 15/06 offshore Angola to the concessionaire Sonangol E.P. The transaction includes a consideration of US$ 200 million.

Comments

“This transaction is part of Statoil’s continued optimisation process. We do this to maximise value and focus financial and organisational capabilities to core assets. The transaction will allow Statoil to unlock capital and contribute to improved financial flexibility going forward,” commented Statoil sub-Saharan Africa senior VP, Tove Stuhr Sjøblom.

Angola

The Angolan continental shelf is the largest contributor to Statoil's oil production outside Norway and is a key building block for Statoil’s international production growth.

Statoil’s equity production from Angola totalled approximately 200 000 boepd in 2013. In addition to the ownership in four producing assets, Statoil also holds participating interests in several other licenses including exploration blocks in the Kwanza basin offshore Angola.

Adapted from press release by Katie Woodward

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/16052014/statoil_divests_angolan_interest_171/