• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 2 hours So Is COVID a Media Hoax or Not?
  • 52 mins Joe Biden's Presidency
  • 25 mins Biden suspends oil and gas drilling on Federal Lands for 60 days for review.
  • 13 hours JACK MA versus Xi Jinping
  • 8 hours a In 2020, we produced and delivered half a million cars.
  • 19 hours GENERAL NORMAN SCHWARZKOPF: The Third Tour
  • 10 hours Parler’s New Partner Has Ties to the Russian Government
  • 21 mins Thanks to food countersanctiona after 2014 Russia become net exporter of food
  • 21 hours The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 12 hours Deceptions Revealed about the “Nord Stream 2 Pipeline” and Germany
  • 8 hours Did I Miss Something?
  • 137 days Wind, Solar & Gas in California. How's that working out for you?
  • 1 day Navalny Poisoning Weakens Russo German Relations
Three Energy Tech Trends To Watch This Year

Three Energy Tech Trends To Watch This Year

Energy technology is evolving quickly…

IHS Predicts A Record Year For Renewables In 2021

IHS Predicts A Record Year For Renewables In 2021

This year, renewable installations are…

Statoil Buys $2.5B Stake in Petrobras Field

Statoil said it has agreed to buy a 66 percent stake in an offshore Petrobras field in the pre-salt layer. The field, Carcara, is located in the Campos Basin and is one of the biggest recent oil and gas discoveries globally. The deal is worth US$2.5 billion, the Norwegian company said.

Half of the US$2.5 billion is to be paid to Petrobras when the deal is sealed and the rest will be released at the reaching of certain milestones.

According to Statoil estimates, the Carcara field holds around 700-1,300 million barrels of oil equivalent. What’s more, the BM-S-8 license block, of which the Carcara is part, hold the promise of further hydrocarbon reserves.

“Through this acquisition we are accessing a world class asset, and we strengthen our position in Brazil, one of Statoil’s core areas due to its large resource base and excellent fit with our technology and capabilities, “ said Statoil’s chief executive Eldar Sætre.

The news of the acquisition comes days after Statoil reported a net loss of US$300 million for the second quarter of 2016, disappointing investors. The company attributed the negative result to diminishing refining revenues, pretty much like most of its peers. Statoil also admitted that things are not so great in the downstream segment, either, again reflecting an industry-wide trend.

Petrobras, for its part, has been desperate to sell assets and pay down debt as it struggles with the fallout of the huge corruption scandal involving senior executives of the company as well as high-ranking government officials. The Brazilian giant, too, has suffered the consequences of the prolonged oil price slump.

The pre-salt layer on Brazil’s continental shelf has proved to be an important focus of attention for international oil companies, which are increasingly focusing on deepwater drilling as onshore and shallower offshore fields start to get depleted.

By Irina Slav 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