Statoil still eyes Angola despite being outbid

LONDON (Reuters) - Norwegian oil and gas producer Statoil (STL.OL: Quote, Profile, Research, Stock Buzz) is still looking for new assets in Angola despite losing out to massive bids for exploration blocks from competing producers, Statoil's CEO said on Wednesday.

"Angola has been a very good area for Statoil and we'll continued to look at it," Helge Lund told a Reuters Global Energy Summit. "But we are not in a position to pay these prices."

Statoil was unable to compete with the signature bonuses offered by China's Sinopec (0386.HK: Quote, Profile, Research, Stock Buzz) and France's Total (TOTF.PA: Quote, Profile, Research, Stock Buzz) in licensing rounds so far this year.

Sinopec offered an unprecedented signature bonus of $1.1 billion for a 40 percent stake in Angola's Block 18 in a round concluded earlier this month.

Total offered a $670 million signature bonus in its winning bid for another block.

Angola is sub-Saharan Africa's second largest crude producer after Nigeria, pumping around 1.4 million barrels per day (bpd). It is aiming to increase output to 2 million bpd by the end of 2007.

Statoil has a stake in four Angolan oilfields: Xicomba, Hungo, Kissanje and Girassol.