Statoil signs deal for virgin exploration acreage offshore Tanzania |
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Wed, 18 Apr 2007 13:42
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OSLO (Thomson Financial) - Statoil ASA said it has signed a production sharing agreement for deep water Block 2 off the Tanzanian coast, the first time the Norwegian oil firm has been awarded exploration acreage in the region.The agreement was signed between the company, the government of Tanzania and the Tanzanian Petroleum Development Corporation (TPDC), Statoil said.Statoil will be operator of the block, which covers 11,099 sq km and has water depths up to 3,000 metres.If a commercial discovery is made, TPDC has the right to participate in joint operations with a 10 pct participating interest, Statoil said.Since the area has no previous exploration, Statoil said it is considered to be a frontier.The work programme comprises of 5,800 km of 2D seismic and an optional 3D in the initial four-year exploration period.alastair.reed@thomson.comar/gpCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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