Statoil sells Mozambique license stake to Tullow
Statoil sells Mozambique license stake to Tullow
Tue Aug 14, 2012 7:07am BST
OSLO, Aug 14 (Reuters) – Norwegian oil firm Statoil has sold a 25 percent stake in its exploration license off Mozambique, which consists of two blocks, to Tullow Oil plc , it said on Tuesday.
“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,” the firm said in a statement.
Statoil operates the license and will hold 65 percent after the sell down while Empresa Nacional de Hidrocarbonetos (ENH) has 10 percent.
Financial details were not disclosed.