July 12, 2017 / 5:06 AM / a year ago

BRIEF-Statoil raises stake in Brazil licence to 76 pct

July 12 (Reuters) - Statoil Asa

* statoil: statoil strengthens position in brazilian licence bm-s-8 - statoil.com

* Statoil to acquire qgep’s 10% interest in bm-s-8 licence in brazil’s santos basin

* Total consideration for transaction is usd 379 million

* Additional 10% equity will increase statoil’s operated interest in licence from 66% to 76%

* Statoil estimates recoverable volumes within bm-s-8 licence to be in range of 700 to 1,300 million barrels of oil equivalent

* Acquisition is a further expression of our confidence in brazil, a core area for statoil

* Transaction supports our strategy to pursue high value and low carbon opportunities

* Strengthens statoil’s position for operatorship of unitised carcará field

* As with 2016 transaction, half of total consideration will be paid upon closing of transaction, with remainder being paid when certain conditions have been met

* These are partly related to licence award, but mainly to future unitisation of carcará

* Closing is subject to customary conditions, including partner and government approval Source text: bit.ly/2uPyOZt Further company coverage: (Reporting By Terje Solsvik)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below