Statoil views Angola as growth base

STAVANGER, Norway, Nov. 2 (UPI) -- Statoil hailed an oil discovery in the Cabaca Norte-1 well in an offshore block in Angola as a foundation for the company's plans for international growth.

Last week Italian giant Eni and Angola's Sonangol announced an offshore oil discovery in the South Atlantic with a test rate of more than 6,500 barrels of oil per day.

The discovery at the Cabaca Norte-1 well, located more than 200 miles north of Luanda, is situated in Block 15/06 in 1,640 feet of water.

Four exploration wells were drilled in the block already. The results establish Cabaca-Norte-1 as possibly the largest discovery in the block.

Statoil participates in nine producing fields in Angola. The company has been active in the country for 17 years.

"Although Statoil only holds a 5 percent stake in block 15/06, this is an important venture for us, enabling us to deepen our knowledge of the deep water reservoir in Angola," says Global Exploration Senior Vice President Tim Dodson.

The company also announced it had changed its name to Statoil from StatoilHydro to reflect an amendment of the articles of association.