Norwegian oil firm Statoil has announced that it will farm down a 25% working interest in exploration licence offshore Mozambique to Tullow Oil for an undisclosed sum.

"Statoil, currently, operates the licence and holds a 65% working interest, while the remaining ten percent is owned by ENH."

The licence, located in the Rovuma Basin, consists of two blocks under one agreement, and together cover about 7,800 square kilometres in a frontier area with a water depth ranging between 300 and 2,400 metres.

Nick Maden, Statoil Exploration international senior vice president, said that the farm down of interest demonstrates the attractiveness of company’s acreage in the region and allows it to share the geological risk, while retaining a significant working interest in the Mozambique plot.

"Our presence in Mozambique is in line with Statoil’s exploration strategy focusing on early access in a prolific region. Large gas discoveries have recently been made north of our acreage and the prospectivity for hydrocarbons in the Statoil operated blocks is promising," Maden added.

The Government of Mozambique has granted its approval for the transaction and is now is subject to the Tax Authorities’ opinion on applicable transaction taxes.

Statoil, currently, operates the licence and holds a 65% working interest, while the remaining ten percent is owned by Empresa Nacional de Hidrocarbonetos (ENH), which has also approved the farm down.

The partnership is scheduled to spud the first well in the licence during 2013.