Statoil acquires Vale’s 25 pc stake in Espirito Santo Basin offshore Brazil

Statoil acquires Vale’s 25 pc stake in Espirito Santo Basin offshore Brazil

8:06 AM, 27th December 2012
Statoil acquires Vale’s 25 pc stake in Espirito Santo Basin offshore Brazil
Nick Maden, Senior Vice President, Exploration International, Statoil.

STAVANGER, NORWAY: Statoil is expanding its exploration portfolio through the acquisition of 25 per cent participating interest from Vale SA in BM-ES-22A in the Espirito Santo Basin offshore Brazil. BM-ES-22A is comprised of the two Blocks ES-M-468 and ES-M-527. Petrobras is the operator with 75 per cent equity and Vale holds a 25 per cent share. It is located in the Outer Espirito Santo Basin partially adjacent to the BM-ES-32 license where Statoil is partner and which holds the Indra discovery. The transaction is subject to approval by Brazilian authorities and other conditions to closing.

“The acquisition allows Statoil to expand its position in a prioritised basin for Statoil. The position is in line with Statoil’s exploration strategy of deepening core areas. The exploration results over the last years in the Espirito Santo Basin give encouragement for further exploration in this area. The planned activity within BM-ES-22A will further test this play, but still with some exploration risk,” said Nick Maden, Senior Vice President, Exploration International, Statoil.

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