Statoil has farmed down a 25 % working interest in its operated exploration licence offshore Mozambique to Japanese based INPEX Mozambique, Ltd., a wholly owned subsidiary of INPEX CORPORATION.

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

"The farm-down reflects the attractiveness of Statoil's acreage in Mozambique. Bringing INPEX onboard allows the companies to diversify geological risk while sharing the potential upside. The first of two wells in the license will be drilled during the second quarter by the drillship Discoverer Americas," says Nick Maden, senior vice president in Exploration international in Statoil.

The blocks are located in a frontier area with a water depth varying between 300 and 2,500 metres. The area covers 8,041 square kilometres.

Tags: Statoil