Statoil Farms Out Mozambique Gas Field Stake to INPEX

Statoil has farmed out 25% share in its Mozambique offshore exploration license to Japan’s INPEX.

The licence, which consists of two blocks under one licence agreement, is located in areas 2 and 5 offshore Mozambique in the Rovuma basin. The area covers 8,041 square kilometres.

"Bringing INPEX onboard allows the companies to diversify geological risk while sharing the potential upside. The first of two wells in the license will be drilled during the second quarter by the drillship Discoverer Americas," said Nick Maden, senior vice president in Exploration international in Statoil.

After the agreement completion, the block will continue to be operated by Statoil with a 40% participating interest.