Market Overview

Statoil Becomes Operator in Pre-Salt Offshore Angola

Statoil (NYSE: STO) has been awarded operatorship for blocks 38 and 39 and partner position in blocks 22, 25, 40 in the Kwanza basin in Angola.

This follows the conclusion of the competitive Limited International Bidding Round organised by Sonangol for access to pre-salt acreage in the Kwanza Basin offshore Angola.

Sonangol has a carried interest of 30% in all blocks during the exploration phase. Statoil will have a financial commitment of approximately 1400 MUSD relating to the abovementioned awards, including signature bonuses and a minimum work commitment.

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