Statoil Enters South African Oil, Gas Exploration Space

Statoil has completed purchase of 35 percent interest in a South African oil and gas licence from ExxonMobil.

The Tugela South Exploration Right covers an area of approx. 9,054 sq kms and is located offshore eastern South Africa in water depths up to 1,800 metres.

After the transaction, the operator ExxonMobil  will hold 40 percent and co-venturer Impact Africa  will own 25 percent stake in the licence. 

“The position strengthens and increases the optionality in Statoil’s long-term international portfolio. We look forward to working with ExxonMobil, Impact Africa and the South African government to explore for oil and gas in this new area for Statoil,” Nick Maden, senior vice president for Statoil's exploration activities in the Western Hemisphere said.

The farm-in represents a country entry for Statoil into South Africa.