Statoil has gained more stake offshore Brazil, following a US$379 million deal with Queiroz Galvão Exploração e Produção (QGEP) to acquire QGEP’s 10% interest in the BM-S-8 license in the Santos basin.
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Map of BM-S-8, from Statoil. |
The additional 10% equity will increase Statoil’s operated interest in the license from 66% to 76%.
BM-S-8 includes a substantial part of the Carcará discovery comprising high-quality oil of around 30° API and with associated gas in a thick reservoir with excellent properties. Statoil estimates the recoverable volumes within the BM-S-8 license to be in the range of 700 MMboe to 1.3 billion boe.
“This acquisition is a further expression of our confidence in Brazil, a core area for Statoil. It also reinforces our position in a world-class asset which is a good match with our competence and capacity. The transaction supports our strategy to pursue high value and low carbon opportunities,” says Anders Opedal, Statoil country manager for Brazil.
This transaction is Statoil’s second in BM-S-8, following the agreement in 2016 with Petróleo Brasileiro (Petrobras) to acquire its 66% operated interest, and strengthens Statoil’s position for operatorship of the unitized Carcará field.
Closing is subject to customary conditions, including partner and government approval.
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