Expanding in Brazil block

April 19, 2004, 10:00 CEST

A further 70 per cent share in deepwater block BM-ES-11 off Brazil has been acquired by Statoil, which secured 30 per cent of this acreage in 2002. The group now becomes operator for the licence.

Statoil has interests in four Brazilian offshore licences and wants to extend its level of activity in the South American country.

Block BM-ES-11 lies in the Espirito Santo Basin about 200 kilometres from land, and in an area with water depths ranging from 1,100-1,900 metres.

The group is evaluating seismic to assess what to do next in the licence.