• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 23 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 7 days America should go after China but it should be done in a wise way.
  • 1 day Even Shell Agrees with Climate Change!
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 4 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 1 hour Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Statoil Increases Brazilian Operations Despite Analyst Warnings

Norwegian oil producer Statoil is hoping to expand its operations in Brazil by entering a second phase of exploration at the Peregrino offshore oilfield.

As reported by Norwegian Solutions, the next phase of exploring will be done with its Chinese partner - the Sinochem Group - at Statoil’s largest non-Norwegian offshore operation. Initially explored in 2011, output at Peregrino surpassed 100 million barrels of oil for the first time last year.

The continued exploration “will add about 250 million barrels of recoverable reserves,” said a Statoil spokesperson.

“The expectation is to expand production. In all, 22 wells – 15 producers of oil and seven water injectors – should be drilled in Peregrino phase two”.

The spokesman also confirmed Statoil’s commitment to Brazil, which included around one thousand employees manning both onshore and offshore operations as well as running eleven tankers.

“Brazil remains one of the most important countries in Statoil’s international strategy. We intend to keep it that way,” the spokesman said.

Analysts have warned Statoil about boosting their investment in Brazil such as the US$2.5 billion purchase of the Petrobras’s operating interest of 66 percent in the BM-S-8 offshore license in the Santos basin.

“It’s a world class asset,” Executive Vice President Tim Dodson said to Bloomberg about the field estimated to hold between 700 million and 1.3 billion barrels equivalent of recoverable oil. Nevertheless, Norwegian oil experts warn that oil prices will need to rise to US$70 to 80 per barrel in order for Statoil to profit off the BM-S-8 site.

ADVERTISEMENT

By Erwin Cifuentes for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News