MOZAMBIQUE
Norway’s Statoil quits talks over stake in gas block off Mozambique
Oslo — Norway’s Statoil says it has pulled out of negotiations to take a 25.5% stake in a gas block off Mozambique, citing lack of progress 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. "Statoil has decided to disengage from negotiations on block A5-A in Mozambique…. We are not part of this any more, it is up to the other partners to make any moves regarding the stake," Statoil spokesman Erik Haaland said on Monday. The lack of progress in the negotiations and an unfavourable business environment prompted Statoil’s decision, Haaland said. The future of the joint venture after Statoil’s withdrawal lay with the remaining partners, he said. "If they want to continue, there are mechanisms in the bidding process allowing them to do so." The block, covering a total area of 5,145km², was seen as having "significant hydrocarbon resources",...
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