Another company divests from Angola

LUANDA, May 21, 2014 – Statoil last week announced that it would sell its 5-percent share in the Eni-operated block 15/06 to Angolan national oil company Sonangol for $200 million.

The deal comes in the wake of Total’s decision to sell its 15-percent stake in the same block, also to Sonangol.

Expected to close by November 2014, this divestment is part of Statoil’s strategy to put “value ahead of volumes” in which it lowers its planned capital expenditure by 8 percent per year through 2016 and postponed the former output target of 2.5 million barrels per day until 2020.

This stated aim of the process is to allow Statoil to maximise value and gear financial and organisational capabilities towards core assets.

In 2013, Statoil produced 200,000 barrels of oil per day in Angola, being the largest contributor to the company international output of 740,000 barrels per day.

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