Statoil assumes operatorship of Carcará offshore Brazil

Statoil operations offshore Brazil
(Courtesy Statoil)

Offshore staff

STAVANGER, Norway Statoil has acquired Petrobras’ 66% operated interest of the BM-S-8 offshore license in Brazil’s Santos basin, completing the transaction announced this summer.

BM-S-8 contains what the Norwegian operator called “a substantial part” of the Carcará presalt oil discovery, said to be one of the world’s largest finds in recent years.

Discovered in 2012, Carcará is located on the geological trend of the nearby Lula field and Libra area. It contains 30° API oil with associated gas in a thick reservoir with good properties. It straddles both BM-S-8 and open acreage to the north that is set to be offered in a license round next year.

When the deal was announced, Statoil claimed to be well-positioned to operate a unitized Carcará field following this transaction.

Pre-unitization, the new operator said that the BM-S-8 development contains about 700-1,300 MMboe recoverable reserves within the license from Carcará, plus additional exploration upside.

On the completion of the transaction, Statoil paid Petrobras $1.25 billion, half of the total consideration. The remainder will be paid at the passage of certain future milestones, mainly relating to the future unitization of Carcará. The base price was originally announced at $2.5 billion.

11/23/2016

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Shell Leverages Data to Transform from Reactive to Predictive Operations

This 6-page report describes how Shell engaged in a massive project with OSIsoft to transform the...

Selection, Use, Care and Maintenance of FR Clothing

For industries operating in an inherently dangerous environment, the importance of selecting the ...

Evolution or Revolution: IT / OT convergence means a world of possibilities

The oil and gas industry is experiencing a rapid paradigm shift in regards to digital transformat...