Sinochem to buy Peregrino stake from Statoil

Sinochem Group has agreed to acquire a 40% interest in Peregrino heavy-oil field under development off Brazil from Statoil for $3.07 billion.

By OGJ editors
HOUSTON, May 21
-- Sinochem Group has agreed to acquire a 40% interest in Peregrino heavy-oil field under development off Brazil from Statoil for $3.07 billion.

The Campos basin field, 85 km offshore in 100 m of water, holds 300-600 million bbl of recoverable oil, according to Statoil, which now holds a 100% interest.

In the first phase of development, Statoil is installing two drilling and wellhead platforms, which will produce into a ship-shaped floating production, storage, and offload vessel.

It plans to drill 30 horizontal wells and 7 injection wells into the reservoir 2,300 m below the seabed. Produced fluids will be heated on the FPSO to separate oil from water, which will be reinjected.

Statoil expects production to start early in 2011 and reach a plateau rate of 100,000 b/d within a year.

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