Statoil and Petrobras have completed a deal seeing Statoil acquire Petrobras’ 66% operated interest in the BM-S-8 offshore license in Brazil’s Santos basin for US$2.5 billion.
BM-S-8, which Statoil estimates holds 700 MMboe to 1.3 billion boe recoverable, contains a substantial part of the Carcará pre-salt oil discovery.
Carcará was discovered in 2012, on the geological trend of the nearby Lula field and Libra area. It is a "world-class" discovery of high-quality oil of around 30° API and with associated gas in a thick reservoir with excellent properties, says Statoil. The firm expects to achieve a declaration of commerciality in 2018 and a final investment decision in 2020+.
Carcará straddles both BM-S-8 and open acreage to the north, which is expected to be part of a license round in 2017.
Statoil says BM-S-8 also holds significant exploration upside. The license is in its final exploration phase with one remaining exploration commitment well to be drilled by 2018.
Statoil has paid Petrobras $1.25 billion on completion of the deal. The remainder will be paid at the passage of certain future milestones, mainly relating to the future unitization of Carcará.
Statoil has been in Brazil since 2001. It has operated the Peregrino field for five years, with Peregrino Phase II due to start production in 2020. In Q3, Statoil expects to assume operatorship of license BM-C-33 in the Campos basin, which includes the Pão de Açúcar discovery. Statoil also has interests in eight licenses in the Espirito Santo basin, working in partnership with Petrobras, and expects to spud its first exploration wells during 2017.
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