Statoil has divested equity in blocks 38 and 39 in the Kwanza basin offshore Angola.
The Norwegian operator said the move was part of its continued portfolio adjustment and would allow for a more aggressive drilling campaign in the Kwanza basin.
Gareth Burns, senior vice president in Global Strategy and Business Development (GSB) in Statoil, said: “The transactions are part of Statoil’s continued optimisation and portfolio adjustments process. We do this to maximise value of core assets. The transactions will allow Statoil to unlock capital ahead of an extensive drilling campaign in the Kwanza basin.”
Statoil divested 10% to Ecopetrol in blocks 38 and 39. Block 39’s divestment was a two-part transaction. The firm originally acquired 7.5% from Total before divesting 10%, reducing its net equity by only 2.5%.
Statoil remains the operator of both blocks with the majority holdings. It is also a partner in blocks 22,25 and 40 in the Kwanza basin.
