The Norwegian oil and gas company Statoil has completed the acquisition of a 10% interest in the BM-S-8 offshore block in the Santos Basin of Brazil from the Brazilian company Queiroz Galvão Exploração e Produção (QGEP) for US$379m. The transaction will increase Statoil’s operated interest in the licence from 66% to 76%. The BM-S-8 includes a substantial part of the Carcará discovery and is estimated to hold recoverable oil volumes in he range of 700 to 1,300 Mboe.
The transaction was concluded in July 2017 and follows a 2016 agreement between Statoil and Petrobras, whereby Statoil acquired its 66% operating interest in the block.
Source: Statoil
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