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

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

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