Norway's largest energy company, Statoil ASA has agreed to sell a 25% share of a license in Mozambique to Inpex Corp of Japan. The whole license is two blocks in areas 2 and 5 of the Rovuma Basin in Mozambique and the terms of the sale remain confidential.
The Norwegian firm would be drilling two wells scheduled in the second quarter of the year. According to a statement made by Nick Maden, the senior vice president for international exploration, "The farm-down reflects the attractiveness of Statoil's acreage in Mozambique. Large gas discoveries have recently been made north of the acreage and the prospectivity for hydrocarbons in the Statoil operated blocks is promising."
Statoil is expanding its production to 2.5 million barrels of oil equivalents per day in 2020 using the license where it holds a 25% stake after the sale to Inpex. Tullow Oil Plc owns 25% of the license while Empresa Nacional de Hidrocarbonetos, the state oil company of Mozambique owns 10%.
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