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Statoil buys stake in Brazilian Espirito Santo drilling license from Vale

BY KJETIL MALKENES HOVLAND

STAVANGER -- Statoil said it had acquired a 25% stake in drilling license BM-ES-22A in the Espirito Santo basin offshore Brazil from Vale, a Brazilian mineral company. Vale said that it would receive $40 million in cash for the sale, and also save expenditure commitments of approximately $80 million through the end of 2013.

The BM-ES-22A license is 75% owned and operated by Petrobras. It is located in the outer Espirito Santo Basin, not far from the Indra discovery in the BM-ES-32 license, where Statoil is partner with a 40% stake and Petrobras has a 60% stake.

As a result of the acquisition, Statoil will be a part of an ongoing appraisal well on the Indra discovery, which is drilled from the BM-ES-22A license. Indra was discovered in 2010 at a water depth of 2,130 m.

"The exploration results over the last years in the Espirito Santo Basin give encouragement for further exploration in this area," said Nick Maden, Statoil' s SVP Exploration International. "The planned activity within BM-ES-22A will further test this play, but still with some exploration risk."

Statoil is the operator of the Peregrino field offshore Brazil, which came on stream in 2011, and said it is currently the largest international operator in the country.

Dow Jones Newswires

12/27/2012

 

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