Statoil farms down Angola pre-salt block to Genel

|About: Genel Energy PLC (GEGYF)|By:, SA News Editor

Statoil (STO) agrees to farm down a 15% interest in pre-salt block 39 offshore Angola to a joint venture involving Genel Energy (GEGYF), the oil company headed by former BP chief executive Tony Hayward, for ~$222M.

STO, which operates the block, will retain a 40% stake, Sonangol P&P holds 30% of the remaining interest, and Total (TOT) holds 15%.

The Genel/White Rose Energy Ventures team also is acquiring from China Sonangol a 15% share of the STO-operated block 38 for ~$59M.

The licenses in the Kwanza basin cover 14K km in water depths of 1,500-2,500 meters; drilling is expected to start in H2 of this year.