Statoil to buy additional 10% in license offshore Brazil

Statoil ASA is to buy an additional 10% interest in the BM-S-8 license in the Santos basin offshore Brazil for $379 million.

Content Dam Ogj Online Articles 2017 07 Statoil Brazilian Licence Bm S 8

Statoil ASA is to buy an additional 10% interest in the BM-S-8 license in the Santos basin offshore Brazil for $379 million.

The purchase from Queiroz Galvao Exploracao e Producao (QGEP) will bring Statoil’s interest to 76%. The license includes a substantial part of the 2012 Carcara presalt oil discovery.

Half of the total consideration will be paid on closing and the remainder when certain conditions have been met, including future unitization of Carcara.

Content Dam Ogj Online Articles 2017 07 Statoil Brazilian Licence Bm S 8

Statoil acquired the 66% operated interest in the license from Petroleo Brasileiro SA (Petrobras) in 2016 (OGJ Online, Nov. 23, 2016).

Statoil estimates the BM-S-8 license holds recoverable volumes of 700-1,300 million boe.

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