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Statoil sells Mozambique stake to Japan’s Inpex

Norwegian oil group Statoil said on Tuesday it had sold a 25 percent stake in an exploration licence off the coast of Mozambique to Japanese group Inpex.

Published: 2 April 2013 14:15 CEST

The financial details were not disclosed, but Statoil said it will retain a 40 percent stake in the licence, which concerns two blocks in the Rovuma basin and for which it will remain the operator.

In addition to Statoil and Inpex, the partners in the licence are Britain's Tullow, with 25 percent, and the Mozambican state-owned company Empresa Nacional de Hidrocarbonetos, with 10 percent.

The licence covers more than 8,000 square kilometres (3,088 square miles) in waters where the depth varies from 300 to 2,500 metres (980 to 8,200 feet).

"Large gas discoveries have recently been made north of the acreage and the prospectivity for hydrocarbons in the Statoil-operated blocks is promising," a Statoil senior vice president, Nick Maden, said in a statement.

The southeast African country has become an important player in the global energy market, home to more than 40 percent of gas discoveries made worldwide last year.

The first of two exploratory wells will be drilled in the second quarter, Statoil said.

The sale to Inpex requires the approval of the Mozambican government.

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Merkel says 'still time' to find Brexit solution

Merkel speaking to Japanese students at Keio University on Tuesday. Photo: DPA

Speaking to Japanese and German business leaders in Tokyo, Merkel stressed that “on the one hand, time is pressing” and businesses using “just-in-time” delivery processes could not afford lengthy customs procedures.

However, she added: “From a political point of view, there is still time. Two months is not a long time but there is still time, and this should be used by all sides.”

SEE ALSO: 'We must do everything to avoid a no-deal Brexit': Merkel

SEE ALSO: Merkel spokesman says reopening Brexit deal 'not on agenda'

Britain is poised to leave the EU at the end of March following a 2016 referendum.

Merkel acknowledged the issue of the unpopular Northern Ireland backstop
provision was “complicating” Brexit talks.

The backstop is intended to ensure there is no return to a hard border with
Ireland, but Brexit supporters fear it will keep Britain tied to EU customs rules.

She said the issue with the backstop was a “problem that is precisely defined and therefore one should be able to find a precisely defined solution”.

SEE ALSO: How to swap your German driving license for a British one

“But this solution depends on the question of what the future relationship
between Britain and the EU will be like and what type of trade deal we sign
with each other,” added the chancellor.

Throwing the ball into London's court, she stressed: “It will be very important for us to know what exactly the British side sees as its future
relationship with the EU.”

After meeting Japanese counterpart Shinzo Abe Monday, she urged “creativity” and “goodwill” to find a solution.

However, she was clear that any solution could only come via the political
declaration attached to the withdrawal agreement — rather than re-opening
talks on the actual exit deal.

There are concerns in London that any tweaks to the political declaration will not be legally binding.

Her Monday comments were seen as conciliatory and boosted the pound as British Prime Minister Theresa May prepares to engage in further talks with EU officials to break the Brexit deadlock as the exit date approaches.

A top EU official, however, sounded the alarm bell after talks with British
MPs.

Martin Selmayr, the right-hand man of European Commission President
Jean-Claude Juncker, said the meeting had confirmed the view that the EU was right to start in December 2017 preparations for a “no-deal” Brexit.

Merkel said relations between Britain and the EU bloc were currently strong and would remain that way.

“Over the last two years during which we have been dealing with Britain's
exit, we have worked more closely together than during several years when Britain was a member of the European Union,” she quipped to laughter.

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