Statoil has farmed down a 25% working interest in its operated exploration licence offshore Mozambique to Tullow Oil plc (Tullow).

The licence, which consists of two blocks under one licence agreement is located in area 2 and 5 offshore Mozambique in the Rovuma basin.

"The farm-down reflects the attractiveness of Statoil's acreage in Mozambique and having Tullow onboard allows us to share the geological risk while retaining a significant working interest," says Nick Maden, senior vice president in Exploration international in Statoil.

Tags: Statoil