Statoil and Queiroz Galvão Exploração e Produção (QGEP) have completed their transaction announced in July 2017, whereby Statoil has acquired QGEP’s 10% interest in the BM-S-8 block in Brazil’s Santos basin for a total consideration of USD 379 million.
Following the completion of this transaction, Statoil and its partners in the Carcará North block, ExxonMobil and Galp, will now undertake two further transactions as previously announced on 27 October 2017.
Statoil will now divest a 3.5% interest in BM-S-8 to ExxonMobil and a 3% interest to Galp on terms equivalent to those of the QGEP transaction.
The closing of these further transactions is subject to certain conditions, including government approvals.
Statoil, ExxonMobil and PETROGAL BRASIL were the high bidders for a production sharing contract for the Carcará North block in Brazil.
Statoil and QGEP have signed an agreement for Statoil to acquire QGEP’s 10% interest in the BM-S-8 licence.