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Statoil Acquires 25% Stake Of Vale In BM-ES-22A To Expand Brazilian Exploration

Norwegian energy firm Statoil ASA (STO) Thursday announced the expansion of its exploration portfolio in Brazil by acquiring 25 percent stake of Brazilian metals and mining firm Vale SA in BM-ES-22A in the Espirito Santo Basin offshore Brazil.

Argentina's Petrobras Energia Participaciones SA (PZE) is the operator with 75 percent equity, while Vale holds 25 percent stake.

Statoil noted that BM-ES-22A consists of two Blocks ES-M-468 and ES-M-527. The BM-ES-22A is located in the Outer Espirito Santo Basin, which is partially adjacent to the BM-ES-32 license where Statoil is partner and holds Indra discovery.

The discovery was made in BM-ES-32, where Petrobras is the operator with 60 percent interest and Statoil holds the remaining 40 percent.

Nick Maden, senior vice president, Exploration International stated, "The acquisition allows Statoil to expand its position in a prioritised basin for Statoil. The position is in line with Statoil's exploration strategy of deepening core areas."

Maden added that the exploration results in the Espirito Santo Basin over the last years give encouragement for further exploration in this area. The transaction is subject to approval by Brazilian authorities and other closing conditions.

Statoil has a diverse exploration portfolio in Brazil and it operates Peregrino field in Brazil, which came on stream in April 2011.

In Oslo, Statoil shares are currently down 0.28 percent at 140 Norwegian kroner.

by RTTNews Staff Writer

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