Statoil will buy a 25% stake in the Roncador oil field off Brazil from Petroleo Brasileiro (Petrobras) for as much as $2.9bn, tripling its presence in its biggest growth market outside Norway. The Campos Basin field still holds recoverable resources of around 40,000 boe of oil equivalent after producing since the 1990s, Statoil said. Statoil has taken advantage of lower asset prices during crude’s slump and a Petrobras divestment program to build its position in Brazil.
Statoil will buy a 25% stake in the Roncador oil field off Brazil from Petroleo Brasileiro (Petrobras) for as much as $2.9bn, tripling its presence in its biggest growth market outside Norway. The Campos Basin field still holds recoverable resources of more than 1 billion barrels of oil equivalent after producing since the 1990s, Statoil said. Statoil has taken advantage of lower asset prices during crude’s slump and a Petrobras divestment program to build its position in Brazil.