July 29, 2016 / 8:27 AM / 2 years ago

Statoil expects production start from newly acquired Brazil field in mid-2020s

OSLO, July 29 (Reuters) - Norway’s Statoil aims to start output from Brazil’s Carcará field by the mid-2020s, its exploration chief said on Friday, after the oil major announced an acquisition of Petrobras’ stake in the licence where the discovery lies.

“When it comes to the final investment decision 2020 plus is what we are talking about, so production will come from mid-2020s,” Statoil’s exploration chief Tim Dodson told Reuters.

“That’s good for us... because that means that there is limited unity capital outlay up until 2020,” he added.

When closed, the transaction will increase Statoil’s net debt ratio by around 1.5 percentage point, Dodson said. (Reporting by Stine Jacobsen, editing by Alister Doyle)

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