Statoil strengthens position in Brazilian licence BM-S-8

July 12, 2017 07:00 CEST

Statoil ASA and Queiroz Galvão Exploração e Produção (“QGEP”) have signed an agreement for Statoil to acquire QGEP’s 10% interest in the BM-S-8 licence in Brazil’s Santos basin. The additional 10% equity will increase Statoil’s operated interest in the licence from 66% to 76%. The total consideration for the transaction is USD 379 million.

Map of Statoil assets in Brazil

BM-S-8 includes a substantial part of the Carcará discovery comprising high-quality oil of around 30° API and with associated gas in a thick reservoir with excellent properties. Statoil estimates the recoverable volumes within the BM-S-8 licence to be in the range of 700 to 1,300 million barrels of oil equivalent.

“This acquisition is a further expression of our confidence in Brazil, a core area for Statoil. It also reinforces our position in a world-class asset which is a good match with our competence and capacity. The transaction supports our strategy to pursue high value and low carbon opportunities”, says Anders Opedal, Statoil’s Country Manager for Brazil.

Portrait - Anders Opedal
Anders Opedal, Statoil’s Country Manager for Brazil.
(Photo: Harald Pettersen)

This transaction is Statoil’s second in BM-S-8, following the agreement in 2016 with Petróleo Brasileiro S.A. - Petrobras (“Petrobras”) to acquire its 66% operated interest, and strengthens Statoil’s position for operatorship of the unitised Carcará field.

As with the 2016 transaction, half of the total consideration will be paid upon closing of the transaction, with the remainder being paid when certain conditions have been met. These are partly related to the licence award, but mainly to the future unitisation of Carcará.

Closing is subject to customary conditions, including partner and government approval.

Statoil assets offshore Brazil:






Campos Basin

60% (operator)

Production in June 2017 was 65,365 barrels a day.

Reserves of 300-500 million barrels of oil.

Peregrino Phase II

Campos Basin

60% (operator)


Production from 2020 at 60,000 barrels a day.

Reserves ~255 million barrels of oil.

Licence BM-C-33 (comprising the Pão de Açúcar, Gavea and Seat discoveries)

Campos Basin

35% (operator)


Approximately 1 billion boe in recoverable resources.

Licence BM-S-8 (comprising the Carcará discovery and exploration prospects)

Santos Basin

76% (operator)

Evaluation/development, pre-unitisation.

Approximately 700 to 1,300 million boe recoverable resources within the licence from Carcará, plus additional exploration upside.


Ten exploration blocks

Espírito Santo Basin

Six operated by Statoil, four by Petrobras



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