Angola has officially announced the selection of Statoil as an operator and partner in several offshore pre-salt blocks.
Angola’s national oil company Sonangol organised a restricted public bid round for access to pre-salt acreage in the Kwanza Basin in Angola. Pre-salt blocks are blocks where the main prospective interval was deposited prior to underwater salt accumulation millions of years ago.
Norway-based Statoil’s proposal included operatorship of Blocks 38 and 39 and participation in Blocks 22, 25 and 40, with a comprehensive work programme and a signature bonus payment (immediate revenue for Angola) for each block.
Commenting on the announcement, Statoil’s executive vice president for Exploration, Tim Dodson, said: “The Angolan pre-salt is a frontier play with high potential. This presents Statoil with the opportunity to access several high impact exploration prospects which are believed to be analogous to pre-salt Brazil.
“Securing a multiple block portfolio early on in the exploration of this new play is a big advantage. Such a strong and influential position gives Statoil exposure to significant upside potential should the play be proven.”
He concluded: “With nearly 20 years of experience in Angola and as the 4th largest producer in the country, our ambition has been to become an operator. We are eager to expand our existing Angolan portfolio and to become a more active contributor in the development of the Angolan hydrocarbon sector and the economy at large.”
Statoil has been chosen to operate Block 38, an area of 6,298 square kilometres, with a 40 per cent share; and Block 39, which measures 7,800 square kilometres, again with a 40 per cent share.
The company will also be a non-operating partner with a share of 20 per cent in each of Blocks 22, 25 and 40, which measure 5,180, 4,825 and 7,588 square kilometres respectively.
Formal granting of licenses for all blocks is subject to the Angolan Ministry of Petroleum’s decision of any appeal of the jury’s decision, and the successful negotiation of contractual terms including production sharing agreements (PSAs).
Statoil already participates in 10 producing fields in Angola and in four new fields under development. Statoil’s equity production from the southern African country is currently around 180,000 barrels of oil per day, representing close to 10 per cent of the company’s total production.
BP, Total, Eni and other international majors were also awarded concessions to explore in the pre-salt blocks.
