Petroleum Africa
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Wednesday, February 24, 2016
Maersk Oil and Africa Oil Corp. have completed the deal that has Maersk acquiring 50% of Africa Oil’s share in three onshore exploration licenses in the Turkana region of northern Kenya and two contiguous licenses in southern Ethiopia.
The completion of the transaction between the two companies follows the recent approval by the Kenyan and Ethiopian governments.
The licenses cover an area of about 100,000 sq km and include nine recent oil discoveries, with ongoing exploration and appraisal activities. Four of the blocks are operated by Tullow Oil and one by Africa Oil.
“We are pleased to announce that we are now officially a partner in the five East African exploration licenses and look forward to adding value to the partnership. The entry into Kenya is part of our commitment to pursuing profitable growth and takes advantage of the opportunities arising in the current market. By building the exploration business with new acreage positions and pre-development discoveries, we can balance the risk profile of our portfolio,” said Maersk Oil’s Chief Growth Officer Ebbie Haan.
The five East African licenses are Block 10BB, 10BA, and 13T in Kenya where Tullow Oil is the operator. In Ethiopia the licenses are the Rift Basin and South Omo blocks with Africa Oil and Tullow Oil as operators, respectively. Marathon Oil is also a partner on the two Ethiopian licenses.
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