The Norwegian oil and gas company Equinor (formerly known as Statoil) has completed the acquisition of a 25% non-operated interest in the Roncador offshore oil field in the Campos basin (Brazil) from the Brazilian state-run oil and gas company Petrobras for a total consideration of US$2bn. The transaction includes an initial payment of US$2.35bn plus an additional contingent payments of up to US$550m and was announced in December 2017.
In production since 1999, Roncador is the third largest producing oil field in Petrobras' portfolio with around 10 Gboe of initial reserves in place and an expected current recoverable volume of 1 Gboe. The target behind the transaction is to increase the field's recovery rate by 5% and the remaining recoverable volumes up to 1.5 Gboe. In November 2017, its production averaged 240,000 bbl/d of oil plus 40,000 boe/d of associated gas. Petrobras will retain a 75% operatorship interest, while the acquisition of a 25% stake in Roncador will help Statoil triple its oil production rate in the country from 40,000 bbl/d up to 110,000 bbl/d.