South Africa: Statoil increases presence

Statoil has significantly increased its presence off South Africa’s eastern coast, taking 35% in the ExxonMobil-operated Transkei-Algoa Block, and 90% in East Algoa. ExxonMobil retains 40% of Transkei-Algoa, which covers 45,000km2 in water depths up to 3,000 metres, while Impact Africa holds 25%. Statoil will operate the Exploration Right 12/3/257 East Algoa, while the remaining 10% interest is held by OK Energy. The licence covers approximately 9,300 square kilometres.