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

Canadian Oil Group strategies to reduce Reliance on U.S.

Since U.S. President is spoiling the American relationship with its neighbour to the north, the Canadian oil industry’s biggest trade group is looking for ideas to reduce its dependence on...

Read More

New well in North Sea for Equinor and Partners

Equinor and partners Lundin and Spirit Energy have struck oil in a wildcat well drilled in the central part of the North Sea Equinor, former Statoil has just made a new...

Read More

Good news for Brazil’s economy: Equinor and Exxon partnered for big Oil Auction

Oil companies Exxon and Equinor become partners at a field off the coast of Brazil thus generating a boost for Brazil’s economy, after weeks of political uncertainty. A consortium of Equinor,...

Read More

Lebanon starts Offshore Oil and Gas Exploration

The first phase of exploration in Lebanon’s potential offshore oil reserves has started Lebanese Energy and Water Minister Cesar Abi Khalil has approved an exploration plan submitted by a consortium of...

Read More

World’s Largest Oil Traders are competing to buy Petrobras’ Nigerian assets

Vitol, Glencore, and Shell are in the running to buy the Nigerian oil assets of Brazil’s state oil firm Petrobras The world’s three largest oil traders are competing to buy the...

Read More

Venezuela suffers but his president buys Oil for Cuba

Maduro buys $440 million foreign oil and send it to Cuba on friendly credit terms while Venezuelans starve. Venezuela has been buying foreign crude to continue supplying political allies such as...

Read More

Shell and Total to develop gas project in Oman

Total and Shell as operators will develop several natural gas discoveries located in Oman. Oman, the biggest Middle East oil producer outside Opec, signed two separate agreements with France’s Total and...

Read More

Poland Cuts Russian Oil Import Dependence

Poland is reducing its dependence on imports from Russia but at a cost Last year Poland’s imports of Russian oil dropped to their lowest level since 2005, according to a report...

Read More

Iran Oil Show 2018

At the exhibition Iran stressed the importance of Iran’s role in the energy market and the will to keep low oil prices. Over 4,000 domestic and foreign companies are participating in...

Read More

Eni, new oil discovery in Egypt

Italian oil company Eni announced an oil discovery in the Egyptian Western Desert. Eni has announced a new oil discovery in the Faghur basin, in the Egyptian Western Desert, 103 km...

Read More

Saudi Arabia needs oil at nearly $90 to balance its budget

Saudi Arabia’s efforts to revive economic growth are still dependent on oil prices, even as the kingdom tries to reduce its reliance on revenue from crude exports. Higher oil prices have...

Read More

Gazprom’s TurkStream reaches Turkish shore

With this new pipeline Russia will pump more natural gas into the European market. Russia’s Gazprom has completed the sea portion of the first line of the TurkStream offshore gas pipeline...

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