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Court allows Petrobras block transfer

Written by  Tuesday, 02 May 2017 22:37

A federal regional court in Brazil will allow the transfer of Petrobras' BM-S-8 exploration block, which includes the Carcará field, to Norwegian major Statoil, Petrobras announced today 2 May.

"With the favorable decision of the court, the effects of said transfer are upheld and the acquirer may proceed with exploration at the Carcará field," Petrobras said.

In mid-April, a Brazilian court had suspended the transfer of Petrobras' 66% operated interest to Statoil, which had agreed to pay Petrobras US$2.5 billion for the block. The deal was proposed in July 2016 and closed in late November that year. 

Carcará was discovered in 2012 on the geological trend of the nearby Lula field and Libra area. 

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