Statoil Acquires Exploration Licenses in South Africa

Features Dow Jones Newswires

Norway's Statoil ASA (STL.OS) Thursday said without giving financial details that it has a acquired a 35% interest in oil exploration right 12/3/252 Transkei-Algoa, offshore South Africa from ExxonMobil Exploration and Production South Africa Ltd, part of Exxon Mobil Corp (XOM).

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Statoil also said it has completed the acquisition 90% interest and operatorship in the Exploration Right 12/3/257 East Algoa from OK Energy Ltd, also without giving financial details.

"These transactions strengthen Statoil's position in South Africa and our long-term exploration portfolio," said Nick Maden, senior vice president for exploration in the southern hemisphere.

-Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter: @RoryGallivan

(END) Dow Jones Newswires

September 07, 2017 06:57 ET (10:57 GMT)