Statoil Strengthens Position in Brazilian Licence BM-S-8

Source: www.gulfoilandgas.com 7/12/2017, Location: South America

Statoil ASA and Queiroz Galvao Exploraçao e Produçao (“QGEP”) have signed an agreement for Statoil to acquire QGEP’s 10% interest in the BM-S-8 licence in Brazil’s Santos basin. The additional 10% equity will increase Statoil’s operated interest in the licence from 66% to 76%. The total consideration for the transaction is USD 379 million.

BM-S-8 includes a substantial part of the Carcara discovery comprising high-quality oil of around 30° API and with associated gas in a thick reservoir with excellent properties. Statoil estimates the recoverable volumes within the BM-S-8 licence to be in the range of 700 to 1,300 million barrels of oil equivalent.

“This acquisition is a further expression of our confidence in Brazil, a core area for Statoil. It also reinforces our position in a world-class asset which is a good match with our competence and capacity. The transaction supports our strategy to pursue high value and low carbon opportunities”, says Anders Opedal, Statoil’s Country Manager for Brazil.

This transaction is Statoil’s second in BM-S-8, following the agreement in 2016 with Petroleo Brasileiro S.A. - Petrobras (“Petrobras”) to acquire its 66% operated interest, and strengthens Statoil’s position for operatorship of the unitised Carcar? field.

As with the 2016 transaction, half of the total consideration will be paid upon closing of the transaction, with the remainder being paid when certain conditions have been met. These are partly related to the licence award, but mainly to the future unitisation of Carcara. Closing is subject to customary conditions, including partner and government approval.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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