Statoil pulls out of negotiations for Mozambique offshore gas block

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Statoil has pulled out of negotiations for a 25.5% stake in a gas block off Mozambique, according to Reuters.

The news agency says the Norwegian energy giant has ended talks due to a lack of progress after more than two years.

Statoil was awarded exploration rights along with Eni, Sotuh Africa’s Sasol and ENH – Mozambique’s national oil and gas company – for the A5-A block within the country’s Northern Zambesi basin in 2015.

Statoil spokesperson Erik Haaland told Reuters: “Statoil has decided to disengage from negotiations on block A5-A in Mozambique… We are not part of this any more, it is up to the other partners to make any moves regarding the stake.”

Statoil has no further assets in Mozambique.