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.