Statoil has signed an agreement to farm down a 15% interest to WRG Angola Block 39 Limited in the Statoil-operated block 39 offshore Angola in the Kwanza pre-salt basin.
WRG is a 50/50 joint venture comprising White Rose Energy Ventures and Genel Energy plc.
“This is part of Statoil's active portfolio management.
The farm-down reflects the attractiveness of Statoil’s acreage in Angola and having WRG onboard allows us to share exploration risk, while retaining a significant working interest.
WRG brings technical experience to a challenging geological setting, and we look forward to a productive relationship with them in Angola,” said Gareth Burns, senior vice president for exploration strategy and business development in Statoil.
Statoil operates block 39 and retains a 40% interest after the farm down. The remaining 30% interest is held by Sonangol P&P, 15% interest by Total and 15% interest by WRG.
WRG has also acquired from China Sonangol International Holdings Limited its 15% interest in the Statoil-operated block 38.
Following the acquisition Statoil’s 55% interest remains unchanged.
The remaining 30% interest is held by Sonangol P&P and 15% interest by WRG.
The deals are subject to approval by Sonangol E&P, the Angolan minister of petroleum and the licence partners.