Norwegian oil major Statoil has announced that it has completed the acquisition of Petrobras’ 66% operating interest in the BM-S-8 offshore licence in Brazil’s Santos basin.
Statoil has taken over the operatorship of the block and it has paid Petrobras $1.25bn, half of the total consideration. The remainder will be paid according to certain future milestones.
Last month Petrobras and Statoil expanded their partnership to help turn around production drop-offs in the Campos Basin, having signed a MOU in August to enable more co-operation and joint ventures between the companies.
