Statoil sells stake in Angola offshore block


Statoil sells stake in Angola offshore block

STAVANGER, Norway -- Statoil is divesting its 5% participating interest in the ENI-operated block 15/06 offshore Angola to the concessionaire Sonangol E.P.

“This transaction is part of Statoil’s continued optimisation process to maximise value and focus financial and organisational capabilities to core assets. The transaction will allow Statoil to unlock capital and contribute to improved financial flexibility going forward,” says Statoil sub-Saharan Africa senior V.P. Tove Stuhr Sjøblom.

The transaction, subject to customary closing conditions, includes a consideration of $200 million and an effective date of January 1, 2013.

The Angolan continental shelf is the largest contributor to Statoil's oil production outside Norway and is a key building block for Statoil’s international production growth.

Statoil’s equity production from Angola equalled approximately 200,000 bopd in 2013. In addition to the ownership in four producing assets, Statoil also holds participating interests in several other licenses including exploration blocks in the Kwanza basin offshore Angola.

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