Portfolio adjustment in Brazil

September 15, 2011, 14:42 CEST

Sugarloaf Mountain in Rio de Janeiro, Brazil. (Photo: Øyvind Hagen)

Both licences are located in the Camamu-Almada basin offshore Brazil. The transaction is subject to approval by Brazilian authorities and other conditions to closing.

Gareth Burns, senior vice president for Exploration strategy and business development in Statoil

“This transaction is part of Statoil’s continued optimisation process to maximise value and reduce portfolio risk,” says Gareth Burns, senior vice president for Exploration strategy and business development in Statoil.

The BM-CAL-7 licence is operated by Petrobras with 60% equity, while Statoil has a 40% share.

BM-CAL-10 is operated by Statoil with 60% equity and Petrobras holds 40%.

Statoil is the operator of the Peregrino field offshore Brazil that started production in April this year. The company holds several exploration licences offshore Brazil and has participated in four discoveries in the last 12 months, including the Gavea pre-salt and the Peregrino South discovery.

Gran Tierra Energy is an international oil and gas company, headquartered in Calgary, Canada. Gran Tierra Energy holds interests in producing and prospective properties in Colombia, Argentina, Peru, and Brazil.