Gulf Oil and Gas accountACCOUNT

Statoil Quits Talks over Stake in Mozambique Offshore Gas Block

Source: Reuters 1/29/2018, Location: Africa

Norway’s Statoil said it has pulled out of negotiations to take a 25.5 percent stake in a gas block off Mozambique, citing a lack of progress after more than two years of talks. Statoil, Eni, South Africa’s Sasol and Mozambique’s national oil and gas company ENH were awarded the exploration rights in the A5-A block within Mozambique’s Northern Zambesi basin in 2015. “Statoil has decided to disengage from negotiations on block A5-A in Mozambique... We are not part of this any more, it is up to the other partners to make any moves regarding the stake,” Statoil spokesman Erik Haaland told Reuters on Monday. The lack of progress in the negotiations and an unfavourable business environment prompted Statoil’s decision, Haaland said. The future of the joint venture after Statoil’s withdrawal lies with the remaining partners, he added. “If they want to continue, there are mechanisms in the bidding process allowing them to do so.” The block, covering a total area of 5,145 square kilometres (1,987 square miles), was seen as having “significant hydrocarbon resources”, Eni said in 2015. After quitting its bid for A5-A, Statoil has no further assets in Mozambique, which is in the throes of a debt crisis but has large untapped natural gas reserves.

Acquisitions and Divestitures News in Mozambique >>

United States >>  12/10/2019 - Talos Energy Inc. (Talos) (TALO) announced that the Company has entered into a series of definitive agreements to acquire a broad portfolio of U.S. Gu...
Colombia >>  12/9/2019 - Canacol Energy Ltd. (Canacol) (CNEC) is pleased to announce it has successfully secured a 100% operated working interest in three new conventional gas...

United States >>  12/6/2019 - Equinor and Repsol have completed their previously announced transaction, whereby Equinor has sold its 63% interest in, and operatorship of, its onsho...
Australia >>  12/5/2019 - Buru Energy Limited has reached agreement with Roc Oil (Canning) Pty Limited (Roc) for Roc to withdraw from its current 50% interest in Canning Basin ...

Colombia >>  12/5/2019 - Houston American Energy Corp. announced the acquisition of an additional interest in Hupecol Meta, LLC, doubling its interest in Hupecol Meta previous...
Nigeria >>  12/5/2019 - Further to the announcement dated 21 October 2019, PetroNor E&P Limited has now finalised and entered into the separate investment and shareholders ag...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Mozambique Oil & Gas 1 >>  2 | 3 |

Oil & Gas Projects in Mozambique >>

More News

Related Links

Gulf Oil and Gas
Copyright © 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.