Norwegian oil major Statoil says it has completed a deal with ExxonMobil to explore for oil and gas offshore South Africa.
Under the farm-in transaction, Statoil will acquire 35% interest in the ER 12/3/154 Tugela South Exploration Right, which covers an area of approximately 9,054 square kilometers off South Africa’s eastern coast in water depths up to 1,800 meters.
“This opportunity is in line with Statoil’s exploration strategy of access at scale. It represents access into a frontier basin where we believe we see indications of an active petroleum system and which has impact potential,” says Nick Maden, senior vice president for Statoil’s exploration activities in the Western Hemisphere.
“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,” says Maden.
The farm-in represents a first for Statoil in South Africa. The company says that it enters in an early exploration phase with a step-wise exploration program.
Work commitments between 2015 and 2017 include the acquisition of 1,000 square kilometers of 3D seismic data and geology and geophysic studies, but there are no commitment wells during this exploration period.
Drilling of South Africa’s first deepwater well was launched in July 2014 by TOTAL and its partner, Canadian Natural Resources International in the Outeniqua Basin, located south of Mossel Bay in the Western Cape on the South Africa’s southern coast.