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 deal is expected to be announced on Tuesday and would see BP take over BP’s Brazilian assets at an estimated value of about $21bn (£15bn). 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.