Statoil in Brazil acquisition

OSLO, December 18, 2017 – Statoil has agreed to acquire a 25% stake in Brazil’s giant Roncador field from Petrobras for approximately USD 2.9 billion, the Norwegian major announced on Monday.

The deal, which includes an upfront payment of USD 2.35 billion and contingent payments not exceeding USD 550 million, will hike up Statoil’s Brazil output by about 175%, the company added in a statement.

“We look forward to working with our partners to maximise the upside potential from the Roncador field,” said Anders Opedal, Statoil’s country manager for Brazil. “The combination of Statoil’s experience in improved oil recovery and Petrobras’ deep-water and pre-salt expertise will enable us to extend and increase production, and therefore value and cash flows, to the benefit of Brazil, both companies and the supplier industry.”

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