The award, which follows the 5th Competitive Mozambique Bid Round, involves the exploration and development rights of the offshore block A5-A located in the Angoche area.
Covering an area of 5,145km2 in a water depth ranging between 200m and 1800m, the block is placed within an unexplored area of the Northern Zambesi Basin, which is estimated to hold significant hydrocarbon resources.
Eni, through its subsidiary Eni Mozambico, operates the joint venture with 34% stake while other partners include state oil company Empresa Nacional de Hidrocarbonetos (ENH) with a 15% stake. Statoil and Sasol also own 25.5% stake each in the joint venture.
The partners are expected to undertake program including seismic and three commitment wells.
Statoil Western Hemisphere exploration activities senior vice-president Nick Maden said: "The Angoche area is a very promising frontier basin with significant oil potential and builds on Statoil’s exploration strategy of access at scale."
Managed by the Institute of National Petroleum of Mozambique (INP), the licensing round comprised 15 blocks in Rovuma, Angoche, Zambezi offshore fields, and Pande-Temane and Palmeira onshore fields.
Additionally, Sasol and ENH joint venture secured onshore exploration rights for Area PT5-C, located close to the Pande and Temane fields.
Sasol CEO and president David Constable said: "Together with our bid partners, we welcome the opportunity to further participate in the growth and development of Mozambique, the heartland of our upstream operations."
Image: Statoil Western Hemisphere exploration activities senior vice-president Nick Maden. Photo: courtesy of Statoil.
