Offshore staff
STAVANGER, Norway – Statoil will acquire a 25% interest from Petrobras in the Roncador oil field in the Campos basin offshore Brazil, for an initial payment of $2.35 billion.
Additional contingent payments of up to $550 million could follow.
The transaction will virtually triple Statoil’s production in Brazil, with the partners looking to also apply Statoil’s experience in improved oil recovery (IOR) from its projects offshore Norway, and Petrobras’ deepwater presalt expertise at Roncador and elsewhere.
According to Statoil, Roncador was the largest discovery off Brazil in the 1990s and is currently the third largest producing field in Petrobras’ portfolio. In place reserves are around 10 Bboe, with remaining recoverable volumes estimated at more than 1 Bboe.
Production started in 1999, with output last month averaging around 240,000 b/d plus around 40,000 boe/d of associated gas.
The transaction will raise Statoil’s production in Brazil by around 175% to 110,000 boe/d from roughly 40,000 boe/d at present. Petrobras will retain operatorship with a 75% interest. The companies aim to increase the recovery factor by at least 5%, lifting remaining recoverable volumes above 1.5 Bboe.
Currently the two companies are partners in 13 areas in either the exploration or production phase, 10 of which are in Brazil. Statoil currently operates thePeregrino oil field and block BM-C-33, both in the Campos basin, and the BM-S-8 block in the Santos basin.
Around 3,000 Statoil employees worldwide work on initiatives related to IOR. Representatives from both companies will oversee IOR collaboration.
Statoil and Petrobras have also agreed that Statoil will have the option to use part of the capacity at Petrobras’ Cabiúnas natural gas terminal to allow for the future development of BM-C-33, where Petrobras is a partner, and which contains the Pão de Açúcar discovery.
Asset | Location | Interest | Status |
Peregrino field | Campos basin | 60% (operator) | Production at around Reserves of 300-600 |
Peregrino Phase II | Campos basin | 60% (operator) | Construction Production from 2020 at around Reserves of around 255 MMbbl of oil |
Roncador field | Campos basin | 25% following | Production at 280,000 boe/d |
Block BM-C-33 including the | Campos basin | 35% (operator) | Evaluation/development Around 1 Bboe in recoverable |
Ten exploration blocks | Espírito Santo basin | Six operated by Statoil | Exploration |
Block BM-S-8 comprising the Carcará | Santos basin | 36.5% (operator)* | Appraisal |
Carcará North block | Santos basin | 40% (operator) | Licence awarded and contract |
Apodi solar project | Quixeré, Ceará State | 43.75% | Under construction |
Pending the closing of transactions with partners which are subject to certain conditions, including government approvals (interest in BM-S-8 is currently 76%).
12/19/2017
