Tullow Gets Stake In Statoil's Mozambique Exploration

Law360, New York (August 14, 2012, 4:23 PM EDT) -- Tullow Oil PLC has picked up a 25 percent stake in an offshore exploration license Statoil ASA is operating off the coast of Mozambique, giving the British upstream oil specialist a potentially lucrative foothold in the Rovuma basin, Statoil announced Tuesday.

Under the farm-in agreement, whose terms the companies declined to disclose, Tullow will help Statoil hunt for hydrocarbons in two blocks off the southeastern African coast, near the Mozambique-Tanzania border, according to a statement from Norway's Statoil.

“Large gas discoveries have recently been made north...
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