Norwegian operator Statoil has made its first into South Africa after striking a deal with ExxonMobil Exploration and Production.
The company has completed a farm-in transaction to acquire a share in the Tugela South Exploration Right.
Statoil said the move represented access into a “frontier basin”.
The Tugela South Exploration Right covers an area of approximately 9,054 square kilometres, offshore eastern South Africa.
Nick Maden, senior vice president for Statoil’s exploration activities in the Western Hemisphere, said: “This opportunity is in line with Statoil’s exploration strategy of access at scale. It
represents access into a frontier basin where we believe we see indications of an active petroleum system and which has impact potential.
“The position strengthens and increases the optionality in Statoil’s long-term international portfolio. We look forward to working with ExxonMobil, Impact Africa and the South African government to explore for oil and gas in this new area for Statoil.”
Statoil said work commitments over the next two years would include the acquisition of 1,000 square kilometres of 3D seismic data and geology and geophysics (G&G) studies.
There are no commitment wells during this exploration period.
Earlier this week the company revealed its UK Mariner project would be delayed by up to a year.
The company said a backlog of work in a South Korean shipyard was the cause of a year-long start-up delay for its flagship Mariner project.
The firm also admitted costs for the development had increased 10%, soaring by an additional $700million.
The year-long sailaway delay will see production start-up pushed back from 2017 to 2018. The move will also delay’s the firm’s hiring plans. The firm, which employs approximately 130 people in Aberdeen, will now wait to beef up its resources.
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