Statoil, Sinochem eye global cooperation

Statoil and China’s Sinochem Group, which recently became partners in Peregrino heavy-oil field off Brazil, have signed a memorandum of understanding that “underlines the wish of the two companies to jointly investigate further opportunities in Brazil and elsewhere,” according to a statement.

By OGJ editors
HOUSTON, June 11
-- Statoil and China’s Sinochem Group, which recently became partners in Peregrino heavy-oil field off Brazil, have signed a memorandum of understanding that “underlines the wish of the two companies to jointly investigate further opportunities in Brazil and elsewhere,” according to a statement.

Sinochem is acquiring a 40% interest in Peregrino field under development in the Campos basin from Statoil for $3.07 billion (OGJ Online, May 21, 2010). Statoil owned 100% before the transaction.

Peregrino, in 100 m of water, is to start production early next year and produce at a plateau rate of 100,000 b/d.

The new memorandum, said Statoil Chief Executive Officer Helge Lund, “is the beginning of a long-term relationship between our two companies having similar international growth ambitions.”

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