Statoil Finds Further 2-3 Trillion Cubic Feet of Gas Offshore Tanzania

By Dow Jones Business News, 
A A A


By Dominic Chopping

Norwegian oil major Statoil ASA ( STO ) Wednesday announced it has found a further two to three trillion cubic feet (tcf) of natural gas in its Piri-1 well offshore Tanzania.

The discovery brings total volumes in the Block 2 drilling area to 20 tcf.

Further exploration and appraisal wells will be drilled in the area throughout 2014 and 2015.

Statoil operates the licence on Block 2 on behalf of Tanzania Petroleum Development Corporation (TPDC) and has a 65% working interest. ExxonMobil Exploration and Production Tanzania Limited holds the remaining 35%.

At 0944 GMT shares traded 0.8% higher at NOK189.10.

-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter: @WSJNordics

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


  (END) Dow Jones Newswires
  06-18-140600ET
  Copyright (c) 2014 Dow Jones & Company, Inc.


This article appears in: Energy , Commodities

Referenced Stocks: STO , XOM

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