Statoil will buy a 25 % stake in the Roncador oil field off licence from Petroleo Brasileiro ( Petrobras ) for as much as $ 2.9bn , tripling its presence in its biggest growth markets 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 . it has taken advantage of lower oil prices during crude ’s slump and a massive 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.