"Strategic partnerships are an important part of our business plan and Statoil's knowledge and experience in increasing the level of oil recovery in mature fields will add value not only to our joint operations in Roncador, but to other mature fields in the Campos Basin, with huge potential to positively impact future production in the area," says Pedro Parente, chief executive officer of Petrobras.Petrobras and Statoil are partners in 13 areas in either the exploration or production phase, ten of which are located in Brazil and three abroad. The acquisition will strengthen Statoil as one of the biggest oil producers in Brazil, operating the Peregrino field and block BM-C-33, both in the Campos Basin, and the BM-S-8 block in the Santos Basin. "We look forward to working with our partners to maximise the upside potential from the Roncador field. The combination of Statoil's experience in improved oil recovery and Petrobras' deep-water and pre-salt expertise will enable us to extend and increase production, and therefore value and cash flows, to the benefit of Brazil, both companies and the supplier industry", says Anders Opedal, Brazil's country manager. Statoil has been deploying its IOR expertise across its global portfolio and has achieved an average recovery rate on the NCS well above the worldwide industry average, with the ambition to increase further. Around 3,000 Statoil employees worldwide work on initiatives related to IOR. The projects for IOR collaboration between Statoil and Petrobras will be overseen by representatives from both companies. Statoil and Petrobras have also agreed that Statoil will have the option to utilise part of the capacity at Petrobras' Cabiúnas natural gas terminal to allow for the future development of BM-C-33, where both companies are partners and which contains the world class Pão de Açúcar discovery. This marks an important next step in developing Statoil's position in the Brazilian natural gas market which is on the verge of major transformation. Statoil has more than 35 years of experience in building gas value chains, as the second largest natural gas supplier in Europe and an operator of premium shale gas plays in the US onshore with mid- and downstream positions.
Petrobras CEO Pedro Parente has come to meet Statoil CEO Eldar Sætre in Oslo for the signing on 18 December, which follows the Memorandum of Understanding agreed between the two companies in August 2016 and the Heads of Agreement in September 2017.The effective date for the Roncador transaction is 1 January 2018. Closing is subject to certain conditions, including government approval. Statoil assets in Brazil:
|Peregrino field||Campos Basin||60% (operator)||Production at around70,000-80,000 barrels a dayReserves of 300-600million barrels of oil|
|Peregrino Phase II||Campos Basin||60% (operator)||ConstructionProduction from 2020 at around60,000 barrels a dayReserves of around 255 millionbarrels of oil|
|Roncador field||Campos Basin||25% followingthis transaction||Production at 280,000 barrels ofoil equivalent per day|
|Block BM-C-33 including thePão de Açúcar discovery||Campos Basin||35% (operator)||Evaluation/developmentAround 1bn boe in recoverablereserves.|
|Ten exploration blocks||Espírito Santo Basin||Six operated by Statoil||Exploration|
|Block BM-S-8 comprising the Carcarádiscovery and exploration prospects||Santos Basin||36.5% (operator)*||Appraisal|
|Carcará North Block||Santos Basin||40% (operator)||Licence awarded and contractto be signed.|
|Apodi solar project||Quixeré, Ceará State||43.75%||Under construction|
* * * *Media are invited to the signing in Statoil's office at Fornebu at 12:45 CET on 18 December, where Eldar Sætre, president and chief executive officer of Statoil, and Pedro Parente, chief executive officer of Petrobras, will be available for media. FURTHER INFORMATION FROM: Investor relationsPeter Hutton, Senior vice president, Investor Relations,+44 7881 918 792 (mobile) PressErik Haaland, International press spokesperson, Media Relations,+47 954 21 770 (mobile) This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.