ExxonMobil acquire 33 pc interest in Statoil’s Carcara oil field

ExxonMobil to acquire 33 pc interest in Statoil’s Carcara oil field

9:18 AM, 30th October 2017
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IRVING, US: ExxonMobil Corporation has completed an agreement to purchase half of Statoil’s interest in the BM-S-8 block offshore Brazil, which contains part of the pre-salt Carcara oil field. The Carcara field contains an estimated recoverable resource of 2 billion barrels of high-quality oil. The block is located approximately 200 miles offshore Rio de Janeiro.

Statoil currently holds a 66 percent interest in the block, which contains about half the Carcara field. Statoil will continue to operate the Carcara development and hold 33 percent interest.

ExxonMobil will make an upfront cash payment of approximately $800 million for the interest in BM-S-8 block, and an additional contingent cash payment for a potential total of approximately $1.3 billion. The transaction is expected to close in 2018.

Following the close of the transaction, partner interests in the BM-S-8 block will be 33 percent for Statoil, 33 percent for ExxonMobil, 14 percent for Petrogal Brasil, a subsidiary of Galp, and 10 percent each for Queiroz Galvao Exploracao e Producao (QGEP) and Barra.

"These agreements and recent bid round results mark ExxonMobil’s entry into a world-class resource and prospective exploration acreage in Brazil. ExxonMobil has a long history in the country and we’re confident our deepwater technology and project expertise can help to further grow the value of Brazil’s energy resources. We look forward to working with Petrobras and all our partners to begin to explore and develop this high-quality acreage,” said Darren Woods, chairman and CEO of ExxonMobil.

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