RIO DE JANEIRO – Norway’s Statoil said it acquired a 25 percent interest in Brazil’s huge Roncador field, located in the Campos Basin, for $2.9 billion under an agreement with Brazilian state-controlled oil giant Petrobras.
“This transaction adds material and attractive long-term production to our international portfolio, further strengthening the position of Brazil as a core area for Statoil. We are also pleased to advance our strategic partnership with Petrobras by expanding our technical collaboration, sharing technology, competence and experience to increase oil and gas recovery,” Statoil president and CEO Eldar Sætre said in a statement.
Roncador, an offshore field discovered in the 1990s, is Petrobras’s No. 3 oil field in terms of production.
“Strategic partnerships are an important part of our business plan and Statoil’s knowledge and experience in increasing the level of oil recovery in mature fields will add value not only to our joint operations in Roncador, but to other mature fields in the Campos Basin, with huge potential to positively impact future production in the area,” Petrobras CEO Pedro Parente said.
Roncador, which started operating in 1999, produced 240,000 barrels per day (bpd) of oil last month.
The giant field, whose reserves are estimated at 10 billion barrels of oil equivalent (boe), also produced about 40,000 boe per day of natural gas in November.
“Petrobras and Statoil are partners in 13 areas in either the exploration or production phase, 10 of which are located in Brazil and three abroad. The acquisition will strengthen Statoil as one of the biggest oil producers in Brazil, operating the Peregrino field and block BM-C-33, both in the Campos Basin, and the BM-S-8 block in the Santos Basin,” the Norwegian oil company said.