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.

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