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February 01, 2018 - Contax Partners’ Energy Feed

Statoil pulls out of Mozambique Gas Block

 

Statoil pulls out of Mozambique Gas Block

McDermott to merge with CB&INorway’s Statoil stated that it has pulled out of negotiations to take a c.25% stake in a gas block (A5-A) offshore Mozambique. This decision to exit has come due to an unfavorable business environment and the lack of progress made after more than two years of talks. Statoil, Eni, Sasol and Mozambique’s national oil and gas firm, ENH, were awarded the exploration rights in the A5-A block within the northern Zambezi basin in 2015. The block covers a total area of 5,145 square kilometers.

 

 

 

 

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