OSLO, Feb 27 (Reuters) - Norwegian energy firm Statoil has submitted its plan of development for the second phase of its Peregrino oilfield in Brazil which entails investments of around $3.5 billion, the firm said on Friday.
The plan, which was submitted to the National Agency of Petroleum, Natural Gas and Biofuels (ANP) in Rio de Janeiro on Jan 30, includes a new well head platform and drilling rig and adds around 250 million barrels in recoverable resources to the field, Statoil said in a statement.
“Peregrino Phase II will strengthen our position in the country and reinforce our long-term commitment for the development of Brazil,” Statoil’s Brazil country manager, Pål Eitrheim, said.
The field is owned 60-40 with Chinese junior partner Sinochem.
The second phase is expected to start production towards the end of decade, it said. (Reporting by Stine Jacobsen, editing by William Hardy)