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Equinor buys Barra asset stake in Brazil

Jul 04, 2018
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Norway's Equinor buys Brazil's Barra Energia 10 per cent interest in the BM-S-8 licence in Brazil’s Santos basin for US$379 million.

The BM-S-8 licence and Carcará North together comprise the Carcará area, which contains approximately 2 billion recoverable barrels of oil equivalent.

The deal will enable Equinor and its partners to fully align interests across the two licences for the Carcará area.

In early June Equinor, ExxonMobil and Galp completed transactions in BM-S-8 to start aligning equity interests with those the three partners hold in the adjacent Carcará North block.

Equinor is the operator of both blocks and aims to develop the unitised field with the ambition to deliver first oil between 2023 and 2024.

Equinor has offered US$379 million, the same as for Equinor’s earlier transaction in BM-S-8 with Queiroz Galvão Exploração e Produção (QGEP) in July 2017. Upon closing, Equinor intends to sell down 3.5 per cent to ExxonMobil and 3 per cent to Galp, so fully aligning interests across BM-S-8 and Carcará North.

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