• 9 hours Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 10 hours Oil Gains Spur Growth In Canada’s Oil Cities
  • 10 hours China To Take 5% Of Rosneft’s Output In New Deal
  • 11 hours UAE Oil Giant Seeks Partnership For Possible IPO
  • 12 hours Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 12 hours VW Fails To Secure Critical Commodity For EVs
  • 13 hours Enbridge Pipeline Expansion Finally Approved
  • 14 hours Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 15 hours OPEC Oil Deal Compliance Falls To 86%
  • 1 day U.S. Oil Production To Increase in November As Rig Count Falls
  • 1 day Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 1 day Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 2 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 2 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 2 days Aramco Says No Plans To Shelve IPO
  • 4 days Trump Passes Iran Nuclear Deal Back to Congress
  • 4 days Texas Shutters More Coal-Fired Plants
  • 4 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 5 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 5 days Chevron Quits Australian Deepwater Oil Exploration
  • 5 days Europe Braces For End Of Iran Nuclear Deal
  • 5 days Renewable Energy Startup Powering Native American Protest Camp
  • 5 days Husky Energy Set To Restart Pipeline
  • 5 days Russia, Morocco Sign String Of Energy And Military Deals
  • 5 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 5 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 5 days India Needs Help To Boost Oil Production
  • 6 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 6 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 6 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 6 days District Judge Rules Dakota Access Can Continue Operating
  • 6 days Surprise Oil Inventory Build Shocks Markets
  • 6 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 6 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 7 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 7 days Oil M&A Deals Set To Rise
  • 7 days South Sudan Tightens Oil Industry Security
  • 7 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 7 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 7 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
The Next Big Digital Disruption In Energy

The Next Big Digital Disruption In Energy

Blockchain technology is transforming the…

Richard Branson To Invest In Elon Musk’s Hyperloop One

Richard Branson To Invest In Elon Musk’s Hyperloop One

Britain’s Virgin Group boss has…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Statoil Bets Big On Brazil, Aims To Triple Production By 2030

Brazil offshore

Statoil will more than triple its production in Brazil by becoming the sole operator of the Carcara discovery, according to the Norwegian company’s local subsidiary.

“We expect (Statoil's) equity production to more than triple in Brazil going towards 2030," Anders Opedal, chief of the company’s Brazil projects, told Reuters on Monday.

Statoil’s investments in the South American nation total $10 billion – the largest of any company active in Brazil.

The offshore Peregrino heavy oil field is Statoil’s largest project in Brazil so far, and the Norwegian giant owns a 60-percent stake.

The oilfield lies off the shores of Rio de Janeiro and produces 80,000-90,000 barrels of oil equivalent per day.

Statoil has been able to overcome legal challenges to its Carcara deal so far.

A Brazilian court suspended the $2.5-billion sale of scandal-ridden Petrobras’ stake in the giant Carcara field to Statoil in April, after the National Federation of Oil Workers filed a lawsuit arguing that Petrobras should have held an open tender for the interest.

The Brazilian state giant agreed with Statoil to sell its 66 percent in the Carcara field last summer. Half of the deal’s price tag was paid at the closing of the acquisition, which took place in November, and the other half is subject to the reaching of certain milestones.

Petrobras said it has already used up the $1.25 billion paid on completion to repay debts.

A tender offered by the Brazilian government lists the Carcara discovery as “material for those interested in an ongoing bidding round”. Statoil maintained its 66 percent stake in the field, the tender said.

For Petrobras, 2017 has been a banner year for corporate recovery. The company reported a net profit of US$1.417 billion in the first quarter, up from a net loss of US$318 million over the same period last year. The new revenues came from exports, which spiked 72 percent year-over-year.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News