Sector News

Statoil buys Petrobras assets in Carcará oil discovery for $2.5 bln

July 29, 2016
News

Norwegian oil major Statoil ASA said on Friday it had agreed to buy Petrobras’ 66 pct operated interest in the BM-S-8 offshore licence in Brazil’s Santos basin for $2.5 billion.

The acquisition also includes a substantial part of the Carcará oil discovery, one of the largest discoveries in the world in recent years, which was discovered in 2012, it said in a statement.

Statoil estimated the recoverable volume within the BM-S-8 licence to be in the range of 700 to 1,300 million barrels of oil equivalents (boe) and said it would significantly increase production volumes “in the 2020s and beyond”.

The two firms are also in discussions regarding a long-term strategic cooperation.

“The focus will be in the Campos and Espírito Santo basins, as well as new cooperation within gas and technology projects in the Santos basin”, Statoil said.

Half of the money it will be paid on completing the deal, which is subject to partners’ and government approval, while the remainder will be paid when certain milestones have been met, Statoil said, adding that the effective date for the transaction is July 1 2016.

Source: Reuters

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