The Norwegian oil and gas company Statoil has acquired a 25% interest in the Roncador offshore oil field in the Campos Basin of Brazil from the Brazilian state-run oil company Petrobras for a total consideration of US$2.9bn. The transaction includes an initial payment of US$2.35bn and additional contingent payments of up to US$550m.
In production since 1999, Roncador is the third largest producing oil field in Petrobras' portfolio with around 10,000 mboe of initial reserves in place and an expected current recoverable volume of 1,000 mboe. The target behind the transaction is to increase the field's recovery rate by 5% and the remaining recoverable volumes up to 1,500 mboe. 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.