Offshore staff
COPENHAGEN, Denmark -- Maersk Oil is increasing its stake in block 16 offshore Angola. The company has agreed to acquire a 15% interest held by Devon Energy for an initial payment of $70 million and future contingent considerations.
Assuming approval from Angola’s government, the transaction would lift Maersk’s operating interest in the block to 65%. The other partners are Sonangol and Odebrecht.
Block 16 includes the Chissonga discovery. Maersk Oil is analyzing results from wells drilled to date to determine whether the field is commercial or if further appraisal drilling is needed.
Maersk Oil also operates two other licenses off Angola on block 8 and block 23, where an exploration well is due to be drilled later this year.
02/01/2011
