Petrobras sells 25% stake in oilfield to Norwegian Statoil

Norwegian oil firm Statoil is to pay Brazil's state-controlled oil giant Petrobras $2.9 billion for a 25% stake in the Roncador oilfield, northern Campos basin, in the north of Rio de Janeiro state. This is one of a number of deals signed with the Norwegian company under a strategic partnership forged between the two companies late in September this year.

Also signed were technical cooperation deals aimed at increasing the volume of recoverable oil and Roncador's service life, as announced by Petrobras this Monday (Dec. 18).

The operation is reported to be still subject to the approval of the Economic Defense Administrative Council (CADE) and the National Agency for Oil, Natural Gas, and Biofuels (ANP).

Of the $2.9 billion to be paid by Statoil, $2.35 billion will be disbursed up front, and $550 million in subsequent investment.

Future investments in the field will be made two by one, with Statoil taking up another 25%, limited to $550 million, in addition to the stake acquired.

Roncador

Roncador oilfield is located some 125 km away from Cabo de São Tomé, a peninsula 40 km from Campos dos Goytacazes, a city in the Rio de Janeiro state.

The field was discovered in October 1996, and has a space of some 400 km² as well as four production units installed. Its average output in November stood at approximately 240 thousand barrels of oil and 40 thousand barrels of oil equivalent per day.

Today, Petrobras and Statoil are partners in 13 areas, in either the production or exploration phase—ten of which located in Brazil, and three abroad.

Translated by Fabrício Ferreira