Statoil, Sinochem close on Peregrino transaction

By OGJ editors
HOUSTON, Apr. 15
-- Statoil on Apr. 14 closed all contracts and approvals related to its sale of 40% of Peregrino heavy oil field off Brazil to Sinochem Group.

Statoil maintains 60% ownership and operatorship of the field, which started production last week (OGJ Online, Apr. 11, 2011).

Sinochem Group paid $3.07 billion for a 40% share of Peregrino plus a financial settlement from effective date to closing date.

Peregrino is in 100 m of water, 85 km off Brazil in Campos basin Blocks BMC-7 and BMC-47.

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