Statoil strengthens its position in Brazil

The Norwegian oil company acquired for 2,900 million dollars 25% of the rights in Roncador, a large oil field in the Campos basin (Brazil)

DECEMBER 18th

Statoil, the Norwegian oil company has just acquired from the oil giant Petrobras 25% of “Roncador”, one of the largest oil fields in Brazil that produces 240,000 barrels of crude oil per day. Thanks to this transaction Statoil has tripled its production in Brazil. The transfer of a quarter of the field operated by Petrobras is part of a strategic partnership agreement signed by both companies to take advantage of Statoil’s technology to increase the volume of recoverable oil in Roncador. This oil field has a daily extraction of 240,000 barrels of oil and another 40,000 equivalent natural gas from four giant platforms, it is the third largest field in production in Brazil and it is estimated that it still has 1,000 million recoverable barrels.
The agreement comprises an initial payment of $2.35 billion, plus additional contingent payments of up to $550 million. “This transaction adds a production to our international portfolio. Material and attractiveness in the long term, further strengthening Brazil’s position as a central area for Statoil. We are also pleased to pursue our strategic partnership with Petrobras by expanding our technical partnership, sharing technology, expertise and experience to increase oil and gas recovery” said Eldar Sætre, Statoil’s president and CEO.

Statoil is a Norwegian oil company, established in 1972, was the largest company in the country and employs about 25,000 people, whose headquarters were in the Norwegian oil capital, Stavanger. Petrobras is a semi-public Brazilian multinational corporation in the petroleum industry, created in 1953 under the government of Brazilian president Getúlio Vargas, whose headquarters are in Rio de Janeiro.

Petrobras and Statoil are partners in 13 areas in either the exploration or production phase, ten of which are located in Brazil and three abroad. The acquisition will strengthen Statoil as one of the biggest oil producers in Brazil. Petrobras CEO Pedro Parente has come to meet Statoil CEO Eldar Sætre in Oslo for the signing on Dec. 18, which follows the Memorandum of Understanding agreed between the two companies in August 2016 and the Heads of Agreement in September 2017.

Our News

PetroChina’s Refinery Doubles Output of Crude

After the new deal between Russia and China the Dalian refinery has reached a record production: 260,000 bpd, almost doubling the amount of Russian pipeline crude oil. Thanks to this high...

Read More

Oil Prices drop in early 2018

After hitting 2015 Highs Oil Price retreats The year that has just started has already shown signs of Oil prices downhill. Brent crude futures lost 50 cents or 0.7 per cent....

Read More

Trump Administration opens Drilling in Offshore Waters

The U.S. announced their intention to open most of the country’s offshore waters to oil and gas drilling, to expand domestic production. January 5th The U.S. Department of interior is ready to...

Read More

Saudi Arabia forecasts oil revenues to increase 80% by 2023

December 31st Saudi Arabia’s plan to delete its budget deficit by 2023 relies on the increase in Oil Revenues over the next six years. That is what Saudis predict, according to...

Read More

China stops oil product exports to North Korea as sanctions bite

After UN sanctions against North Korea for its continuing ballistic missile tests, China has ceased to export oil, gasoline, jet fuel and diesel to the rogue nation.   December 28th According to data...

Read More

Statoil strengthens its position in Brazil

The Norwegian oil company acquired for 2,900 million dollars 25% of the rights in Roncador, a large oil field in the Campos basin (Brazil) DECEMBER 18th Statoil, the Norwegian oil company has...

Read More

IEA: “2018 not a happy New Year for OPEC”

International Energy Agency forecast that new supply may grow faster than demand in 2018, challenging OPEC’s efforts to deflate global stockpiles DECEMBER 16th In its monthly report IEA – the agency which...

Read More

Eni’s Goliat has resumed its production

The giant oil field restarts after a shutdown lasting more than two months DECEMBER 11 Goliat, the oil field owned by Italian energy group Eni, has received permission to restart production. This...

Read More

China’s dependence on oil is growing

Despite all the efforts China is doing to lower its dependence on oil, this is naturally growing and experts say China is set to become the largest natural gas consumer...

Read More

OPEC extends output curbs and oil prices rise

Oil prices edged higher on Friday, a day after OPEC and other major producers agreed to extend output curbs until the end of 2018 in a bid to tackle global...

Read More

The sales on the oil don’t see stop

The oil is suffering deep uncertainties because of the OPEC Summit anticipated for Thursday; in that occasion the oil cartel could give the ok to the extension of the production’s...

Read More

OPEC extends production cuts by 9 months

Another nine months of production cuts to try to make a clear turn in the oil market, which until now has not yielded convincing recovery. Is what the Opec announced...

Read More

Become a partner

Our Partners

 

If you are interested in becoming a Dealoil partner please get in touch by emailing us at info@dealoil.co.uk. We look forward to hearing from you. The Dealoil team