Statoil has completed a transaction with ExxonMobil Exploration and Production South Africa Ltd., ExxonMobil Corp. (NYSE: XOM), acquiring a 35% interest in Exploration Right 12/3/252 Transkei-Algoa.
Operator ExxonMobil retains 40% interest, while Impact Africa holds 25%.The license covers approximately 45,000 square kilometers (sq km) in water depths up to 3,000 m.
Statoil has also completed a transaction with OK Energy Ltd. acquiring 90% interest and operatorship in the Exploration Right 12/3/257 East Algoa. The remaining 10% interest is held by OK Energy. The license covers approximately 9,300 sq km.
“These transactions strengthen Statoil’s position in South Africa and our long-term exploration portfolio. This is in line with our global exploration strategy of early access in basins with high potential,” Nick Maden, senior vice president for exploration in the southern hemisphere, said.
Statoil entered its first license in South Africa in 2015, acquiring a 35% interest in the ExxonMobil-operated Tugela South Exploration Right.