The remaining share of the South African Offshore project is held by ExxonMobil which holds 40% of the stake, and co-venturer Impact Africa that holds the remaining 25% stake.
The Tugela South Exploration Right is spread across 9,054km2 and is located offshore eastern South Africa in water depths up to 1,800m.
According to Statoil, the farm-in represents a country entry for Statoil into South Africa.
The company is expected to acquire 1,000km2 of 3D seismic data and geology and geophysics (G&G) studies between 2015-2017.
Statoil also mentioned that the information gathered from the initial studies and seismic survey will form the decision basis for the co-venturers’ next steps in the Exploration Right.
Statoil exploration activities senior vice president Nick Maden said: "This opportunity is in line with Statoil’s exploration strategy of access at scale. It represents access into a frontier basin where we believe we see indications of an active petroleum system and which has impact potential."
