Statoil has big deepwater gas find offshore Tanzania

Statoil (OSE: STL; NYSE:STO) and partner ExxonMobil (NYSE:XOM) have made a large gas discovery in the block 2 license offshore Tanzania.

Offshore staff

STAVANGER, Norway –Statoil (OSE: STL; NYSE:STO) and partner ExxonMobil (NYSE:XOM) have made a large gas discovery in the block 2 license offshore Tanzania.

Logging of the Lavani well confirms a new discovery with a preliminary resource estimate of 3 tcf of gas in place. The Lavani well encountered 95 m (312 ft.) of excellent quality reservoir sandstone with high porosity and high permeability.

Drilled byOcean Rig Poseidon in 2,400 m (7,874 ft.) of water, this is the second exploration in the 5,500 sq. km (2,124 sq. mi) block.

Statoil operates the license on behalf of Tanzania Petroleum Development Corp. and has a 65% working interest, with ExxonMobil Exploration and Production Tanzania Ltd. holding the remaining 35%.

6/14/2012

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