Norway’s Statoil on Monday announced it is acquiring a 25% stake in the Roncador oil field offshore Brazil from Petrobras, the Brazilian state oil firm.
The initial price is $2.35bn with possible extra contingent payments of $550m.
Petrobras remains the operator and 75% stakeholder in Roncador, which is located in the Campos Basin and which is Petrobras’ third-largest producing field.
The deal is expected to become final, pending conditions and approvals, on 1 January, 2018.
Statoil is a multinational in which the Norwegian government has a controlling interest.
In August 2016 Petrobras and Statoil signed a Memorandum of Understanding (MOU) to encourage more cooperation and joint ventures (JV) between the companies.
Now the two energy giants are partners in 13 areas of either exploration or production, with 10 of them in Brazil.