LONDON-- Norwegian oil group Statoil ASA (STO) Thursday said it is divesting 10% of its stakes in blocks 38 and 39 in the Kwanza basin off Angola to Ecopetrol S.A. (EC) as part of its "optimisation and portfolio adjustments process."

Statoil's senior vice president in Global Strategy and Business Development said the sale will allow Statoil to "unlock capital ahead of an extensive drilling campaign in the Kwanza basin."

The divestments will leave Statoil with 37.5% of Block 39 and 45% of Block 38. Statoil is the operator of both blocks.

-Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter: @RoryGallivan

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