here comes exxon mobil, page-5

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http://english.capital.gr/news.asp?id=920615

Friday, 5 March 2010 - 22:10
ExxonMobil In Talks To Enter Tanzania's Statoil Block--Sources


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DOW JONES NEWSWIRES

LONDON -(Dow Jones)- Exxon Mobil Corp. (XOM) is in advanced talks to buy into Statoil ASA's (STO, STL.OS) block in Tanzania, people familiar with the matter said Friday, a move that would mark the first entry of an oil major oil company into the East African nation.

The two parties are currently negotiating the approval of the Tanzanian government for the farmout--a process to enter a partner's block to cover its costs, the people familiar with the matter said.

ExxonMobil already has a presence in nearby Madagascar and could leverage its geological knowledge in Tanzania, one person said. ExxonMobil and Statoil declined to comment.

Norway's Statoil is the operator of deepwater Block 2 off the coast of Tanzania in the Indian Ocean, according to its Web site.

Other companies with interests in the country include Heritage Oil PLC (HOIL.LN) and Dominion Petroleum Ltd. (DPL.LN).


-By Benoit Faucon, Dow Jones Newswires; +44-207-842-92-66; [email protected]

(Nicholas Bariyo in Kampala contributed to this article.)


(END) Dow Jones Newswires

March 05, 2010 15:10 ET (20:10 GMT)