Maersk Oil will acquire a 15% stake in block 16 in Angola from natural gas and oil exploration and production company, Devon Energy. The fully owned subsidiary of AP Møller will make an initial payment of about $70 million for the acquisition.
Future payments to Devon Energy may ultimately amount to more than the initial payment. With the acquisition, Maersk Oil’s interest in the block 19\6 will increase to 65%, with Sonangol and Odebrecht as partners. The agreement is subject to closing conditions including government approval.
Click here for the release from Maersk Oil.