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PETROBRAS: Regulatory Agency Approves Sale Of 25% Of Roncador To Statoil

(Agencia CMA Latam) - The Brazilian competition regulator authorized Petrobras to sell a 25% stake in the Roncador field to Norway's Statoil for US$ 2.35 billion, plus additional contingent payments of up to US$ 550 million. The transaction nearly triples Statoil's production in Brazil.

Roncador is the third largest field operated by Petrobras, with around 10 billion barrels of oil equivalent (boe) in place and an expected remaining recoverable volume of more than 1 billion boe.

In December 2017, when announcing the deal, Statoil said that is ambition is to increase the recovery factor by at least five percentage points, bringing the total remaining recoverable volumes to more than 1.5 billion boe.

The transaction increases Statoil's equity production in Brazil by around 175%, to 110,000 boe per day from 40,000 boe per day. Petrobras retains operatorship and a 75% interest.

by Agencia CMA Latam

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