Statoil adds interest in Brazil’s Roncador field

Statoil ASA is tripling its offshore production in Brazil, adding 25% interest in Roncador field. The operator has said it will attempt to increase the field’s recovery by 5% using its improved oil-recovery expertise. The increase would bring Roncador’s recoverable volumes to more than 1,500 million boe.

Statoil ASA is tripling its offshore production in Brazil, adding 25% interest in Roncador field. The operator has said it will attempt to increase the field’s recovery by 5% using its improved oil-recovery expertise. The increase would bring Roncador’s recoverable volumes to more than 1,500 million boe.

Petroleo Brasileiro SA (Petrobras) received $2.35 billion for Statoil’s acquisition plus additional contingent payments of as much as $550 million. Petrobras will retain operatorship and 75% interest.

Discovered in the Campos basin in the 1990s, Roncador has been in production since 1999, producing 240,000 boe/d in November with 40,000 boe/d of associated gas.

Petrobras and Statoil are partners in 13 areas in either the exploration or production phase, ten of which are in Brazil and three abroad. Statoil operates Peregrino field the BM-C-33 block, both in the Campos basin, and the BM-S-8 block in the Santos basin.

The Roncador transaction has an effective date of Jan. 1, 2018, and closing is subject to government approval.

Contact Tayvis Dunnahoe at tayvisd@ogjonline.com.

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