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Statoil completes acquisition of Brazilian offshore licence

Statoil completes acquisition of Brazilian offshore licence

Nov 23, 2016
2 min read
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Statoil and Petrobras have completed their previously announced deal back in July, whereby Statoil has acquired Petrobras’ 66 per cent operated interest of the BM-S-8 offshore licence in Brazil’s Santos basin.

With the completion of the transaction, Statoil has paid Petrobras US$1.25 billion, half of the total consideration. The remainder will be paid at the passage of certain future milestones, mainly relating to the future unitisation of Carcará.

BM-S-8 contains a substantial part of the Carcará pre-salt oil discovery, which is one of the largest discoveries in the world in recent years.

In addition to the Carcará discovery, BM-S-8 holds exploration upside that may significantly increase its resource base. The licence is in its final exploration phase with one remaining exploration commitment well to be drilled by 2018.

Back in July, Eldar Sætre the president and chief executive officer of Statoil said: “Through this acquisition we are accessing a world class asset, and we strengthen our position in Brazil, one of Statoil’s core areas due to its large resource base and excellent fit with our technology and capabilities. The Carcará field will significantly enhance our international production volumes in the 2020s and beyond. We are developing a strong Brazilian business with a broad portfolio, material production, high impact exploration opportunities and excellent potential for long term value creation and cash flow."

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