Statoil starts up first Brazilian field

Offshore staff

STAVANGER, Norway -- Statoil has brought on stream the Peregrino field in the Campos basin off Brazil. Production should build steadily to a peak of 100,000 boe/d.

Peregrino is 85 km (53 mi) offshore in 100 m (328 ft) water depth in licenses BMC-7 and BMC-47.

Phase I of the development includes two drilling and wellhead platforms and a large FPSO, with 37 horizontal wells to maximize recovery.

The field holds 300-600 MMboe recoverable, with significant upside, according to Statoil. An exploration well is under way at Peregrino South to test this potential. Following completion, one additional well will be drilled in the area.

Statoil’s country manager in Brazil, Kjetil Hove, said: “The Peregrino field showcases our project management, execution, and subsurface and reservoir management skills. We are using our experience gained at the Norwegian continental shelf to share competence and experience and to create value locally in Brazil.”

The field was discovered in 1994. Statoil acquired an initial 50% interest in 2005, and the remaining 50% and operatorship in 2008. Brazil’s authorities approved the development plan in 2007.

In May 2010 Sinochem Group took a 40% interest in the project, leaving Statoil as operator with 60%. Closing of this transaction is pending governmental approvals.

04/11/2011



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