Statoil Sells 25 Percent Stake in Mozambique License to Inpex

Statoil ASA, Norway’s biggest energy company, agreed to sell a 25 percent share in a license off Mozambique to Japan’s Inpex Corp.

The license consists of two blocks in areas 2 and 5 in the Rovuma Basin, where the Stavanger-based company will drill two wells in the second quarter, Statoil said in a statement. The terms of the agreement are confidential, it said.

“The farm-down reflects the attractiveness of Statoil’s acreage in Mozambique,” Nick Maden, senior vice president for international exploration, said in the statement. “Large gas discoveries have recently been made north of the acreage and the prospectivity for hydrocarbons in the Statoil operated blocks is promising.”

Statoil, which is expanding abroad to increase its production by a quarter to 2.5 million barrels of oil equivalent a day in 2020, is the operator of the license with a 40 percent stake after paring its share. Tullow Oil Plc owns 25 percent and Empresa Nacional de Hidrocarbonetos, Mozambique’s state oil company, has 10 percent.

Eni SpA has discovered 75 trillion cubic feet of gas in neigbouring Area 4, and last month sold a 20 percent stake to China Nantional Petroleum Corp. for $4.2 billion.