Joint Venture to Explore Offshore Mozambique

An Eni led partnership including Statoil (STO), Sasol and ENH has submitted a winning bid on the A5-A block offshore Mozambique in the fifth competitive bidding round. The partnership will subsequently enter into negotiations with the authorities.

The A5-A block is located in the Northern Zambesi basin in the Angoche area about 1,500 kilometers north of the capital Maputo. The block covers an area of 5,145 square kilometers in water depths ranging from 200 to 1,800 meters.

Eni is the operator of the joint venture with 34 percent participating interest. Partners are Statoil and Sasol with 25.5 percent each and ENH with 15 percent.

The minimum work program includes seismic and three commitment wells.

“The Angoche 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.