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Tuesday, November 25, 2014
Statoil is halting exploration in Angola after failing to find hydrocarbons in more than one well. The company said due to its poor drilling results on Angola’s pre-salt deepwater blocks it had cancelled its contract for use of the Stena Carron rig before the three-year contract period was up.
The rig contract ceased with effect from November 21 and the company will take a $350 million charge in Q4 related to the contract, the drilling, and the value of the blocks.
Statoil was highly optimistic about its chances on Angola’s Block 38 and Block 39, which were awarded to the company in 2011. Following drilling however that optimism faded and in July the company divested itself of 10% of its stake in the acreage to Ecopetrol.
“Statoil’s first well results from the area have been disappointing and although the company still sees remaining prospectivity in the basin and on the Statoil acreage, more time is needed to evaluate the well results and mature new prospects before deciding on future activities,” it said in a statement.
Its sojourn in Angola is not at an end however, as the company still has commitments to participate in several more wells in Angola, but only as a partner and not an operator.
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