Statoil and Petrobras have reached an agreement that will see Statoil acquire from Petrobras a 66% operating interest of the BM-S-8 offshore licence in Brazil’s Santos basin.
The acquisition, which includes a substantial part of the Carcará oil discovery, is valued at $2.5bn.
“Statoil is well positioned for operatorship of a unitised Carcará field following this transaction and the licence round will provide an opportunity to scale up the position in the field,” the company said in a release.
“Through this acquisition we are accessing a world class asset, and we strengthen our position in Brazil, one of Statoil’s core areas due to its large resource base and excellent fit with our technology and capabilities. The Carcará field will significantly enhance our international production volumes in the 2020s and beyond. We are developing a strong Brazilian business with a broad portfolio, material production, high impact exploration opportunities and excellent potential for long term value creation and cash flow,” commented Eldar Sætre, president and chief executive officer of Statoil.