The oil and gas companies ExxonMobil, Equinor (former Statoil) and Galp Energia have completed their transactions regarding the BM-S-8 offshore block (Brazil) as announced in October and December 2017. Equinor has sold a 36.5% interest to ExxonMobil and a 3% interest to Galp Energia for a total consideration of US$955m, with further payments of around USD 595 million contingent on future milestones. Equinor will retain 36.5% in the block, while the shares of ExxonMobil and Galp Energia will rise to 36.5% and 17%, respectively; Barra Energia owns the remaining 10%.
Equinor used to own a 76% stake in BM-S-8. After the acquisition of Carcará North block in the Second Production Sharing Contracts Round in October 2017, Equinor became the operator of the whole structure (Carcará North and BM-S-8), which is estimated to contain more than 2 Gboe of recoverable oil and is expected to start production in 2023-2024.