Statoil divests 10% interest in Angola blocks

4 July 2014

Statoil ASA has divested 10% interest to Colombia's state-owned Ecopetrol SA in Blocks 38 and 39 in the Kwanza basin offshore Angola.

Statoil's 10% divestment in Block 39 is facilitated through two separate, simultaneous transactions, reports Oil & Gas Journal. The company acquired 7.5% from Total SA under one agreement, and then divested 10% in Block 39 through a separate agreement, reducing its net equity by 2.5%.

The deals are subject to approval from Angola's Sonangol E&P, the Angolan minister of petroleum, and the license partners.

"The transactions will allow Statoil to unlock capital ahead of an extensive drilling campaign in the Kwanza basin," said Gareth Burns, Statoil senior vice-president in global strategy and business development.

Statoil in April agreed to farm out 15% interest in Block 39 to WRG Angola Block 39 Ltd. (WRG) and 15% interest in Block 38 to China Sonangol International Holdings.



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