Statoil has completed a farm-in deal by acquiring a 35% interest in the ER 12/3/154 Tugela South Exploration Right from ExxonMobil Exploration and Production South Africa.
Operator ExxonMobil holds a 40% interest in Tugela, with the remaining 25% held by co-venturer Impact Africa.
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Located offshore eastern South Africa in water depths up to 1,800m, the Tugela South Exploration Right is spread over an area of 9,054km².
Statoil senior vice-president for exploration activities in the Western Hemisphere Nick Maden said: "This opportunity is in line with Statoil’s exploration strategy of access at scale.
"It represents access into a frontier basin, where we believe we see indications of an active petroleum system and which has impact potential."
The company said it will work with ExxonMobil, Impact Africa and the South African Government to explore for oil and gas in the new area.
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By GlobalDataAccording to Statoil, the farm-in represents its foray into a new country.
During 2015 and 2017, the company will acquire 1,000km² of 3D seismic data and geology and geophysics studies.
The company said there are no commitment wells during this period.
Based on the information obtained from the initial studies and seismic survey, the co-venturers plan to decide on next steps to be taken in the exploration right.
ExxonMobil signed an agreement in December 2012 with Impact Africa to acquire a 75% participating interest in Tugela.
Image: ExxonMobil holds a 40% interest in Tugela and the remaining 25% is held by co-venturer Impact Africa. Photo: © Statoil.
