Statoil adds to interests in Brazil’s Espirito Santo offshore basin

Offshore staff

STAVANGER, Norway -- Statoil (OSE:STL; NYSE:STO) has agreed to acquire Vale’s 25% interest in the Petrobras-operated BM-ES-22A concession in the outer Espirito Santo basin offshore Brazil.

The interest comprises blocks ES-M-468 and ES-M-527, both partly adjacent to the BM-ES-32 license containing the Indra discovery, in which Statoil is already a partner to Petrobras.

Indira found 70 m (229 ft) of light oil in 2010, in 2,130 m (6,988 ft) water depth.

Assuming approval from the Brazilian authorities, Statoil will participate in an ongoing appraisal well on Indra drilled on BM-ES-22A. Another exploration well is planned next year.

The transaction is subject to approval by Brazilian authorities and other conditions to closing.

12/27/2012

Statoil Espirito basin offshore Brazil

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