Statoil Sells 25% Stake in Mozambique Licence To Tullow
08/14/2012| 02:45am US/Eastern
By Katarina Gustafsson
Norwegian oil and gas company Statoil ASA (>> Statoil ASA) Tuesday said it has sold a 25% stake in an exploration licence offshore Mozambique to U.K.-based oil exploration and production company Tullow Oil PLC (>> Tullow Oil plc).
-The licence, which consists of two blocks under one licence agreement, covers 7,800 square kilometers offshore Mozambique in the Rovuma basin with a water depth between 300 and 2,400 meters.
-Statoil operates the licence and retains a 65% working interest after the farm down while the remaining 10% interest is held by Empresa Nacional de Hidrocarbonetos.
-The commercial terms of the transaction are confidential.
-The first well in the licence is scheduled for 2013.
-Statoil shares Monday closed at 147.50 Norwegian kroner ($24.8).
-Write to Katarina Gustafsson at firstname.lastname@example.org; Twitter: @DowJonesNordics
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