Statoil To Buy Operated Stake Of BM-S-8 Offshore Licence In Brazil

(RTTNews) - Norwegian energy firm Statoil ASA (STO) said Friday it is acquiring 66% operated interest of the BM-S-8 offshore licence in Brazil's highly prolific Santos basin from Petróleo Brasileiro S.A. - Petrobras (PBR) for $2.5 billion.

Of the $2.5 billion total consideration, half will be paid upon closing of the transaction, and the remainder when certain milestones are met. These are partly related to the licence award, but mainly to the future unitisation of Carcará.

The acquisition comprises a substantial part of the Carcará oil discovery, one of the largest discoveries in the world in recent years. Carcará was discovered in 2012, on the geological trend of the nearby Lula field and Libra area.

In addition, both the companies are also in talks regarding a long-term strategic cooperation, with the focus to be in the Campos and Espírito Santo basins, as well as new cooperation within gas and technology projects in the Santos basin.