Norwegian energy giant Statoil and its partners submitted a winning bid for oil and gas exploration in offshore Mozambique, the company announced on Friday.
Italian energy company Eni, Norwegian Statoil, South African Sasol and Mozambiquen ENH will explore the A5-A block in offshore Mozambique. The block is located in the Northern Zambesi basin, 1,500 kilometers north of Mozambique's capital Maputo.
Eni is the operator of the joint venture with a 34 percent stake while Statoil and Sasol hold a 25.5 percent share each and ENH holds a 15 percent share interest.
The work program includes seismic searches and the drilling of at least three wells.
"The area is a very promising frontier basin with significant oil potential and builds on Statoil's exploration strategy of access at scale," said Nick Maden, senior vice president for Statoil's exploration activities in the Western Hemisphere.
By Murat Temizer
Anadolu Agency
murat.temizer@aa.com.tr