News

Petrobras sells pre-salt block to Statoil

29 de julho de 2016

The Brazilian state-run oil company is handing over its 66% stake in the block known as Carcará for USD 2.5 billion.

Rio de Janeiro – Petrobras’ Board of Directors has approved the sale of the state-run oil company’s stake in the Santos Basin’s BM-S-8 exploration block – the first pre-salt block ever sold – to Norway’s Statoil, in a USD 2.5 billion deal involving the field known as Carcará.

According to Petrobras, the deal made public this Friday (29) is part of the 2015-2016 Partnerships and Divestments Plan it is currently rolling out, and “its completion depends on the usual preexisting conditions, including the preference rights of the other BM-S-8 stakeholders, and approval from the competent authorities.”

The BM-S-8 block is currently operated by Petrobras, which holds a 66% stake, in partnership with Petrogal Brasil (14%), Queiroz Galvão Exploração e Produção (10%) and Barra Energia do Brasil Petróleo e Gás (10%).

Petrobras said in a statement that “the ongoing deal paves the way for partnerships with other businesses, with solid expertise and investment abilities, to help strengthen Brazil’s oil and gas industry.”

*Translated by Gabriel Pomerancblum