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 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.
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.