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Statoil expand stake in Brazil licence to 76 pct




Petroleumworld 07 13 2017

* Statoil: statoil strengthens position in brazilian licence bm-s-8 - statoil.com

* Statoil to acquire qgep's 10% interest in bm-s-8 licence in brazil's santos basin

* Total consideration for transaction is usd 379 million

* Additional 10% equity will increase statoil's operated interest in licence from 66% to 76%

* Statoil estimates recoverable volumes within bm-s-8 licence to be in range of 700 to 1,300 million barrels of oil equivalent

* Acquisition is a further expression of our confidence in brazil, a core area for statoil

* Transaction supports our strategy to pursue high value and low carbon opportunities

* Strengthens statoil's position for operatorship of unitised carcará field

* As with 2016 transaction, half of total consideration will be paid upon closing of transaction, with remainder being paid when certain conditions have been met

* These are partly related to licence award, but mainly to future unitisation of carcará

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

Source text: bit.ly/2uPyOZt


Reporting by Terje Solsvik from Reuters.

07 12 2017

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