STAVANGER, Norway – Equinor has completed its farm-in to 25% of Petrobras’ license over the Roncador oil field in the Campos basin offshore Brazil.
This follows approvals for the transaction, announced last December.
Equinor has paid Petrobras an adjusted cash consideration of $2 billion, with further potential payments to follow of up to $550 million related to investments in projects to increase recovery from the field.
The deal lifts Equinor’s production offshore Brazil from around 40,000 boe/d to roughly 100,000 boe/d.
At Roncador it plans to introduce its increased oil recovery (IOR) technology, competence and experience from fields offshore Norway: the goal is to increase Roncador’s recovery factor by 5%, and remaining recoverable volumes from 1 Bboe to more than 1.5 Bboe.