Statoil awarded four blocks in Brazil’s Campos basin

Statoil and partners were the high bidders for four blocks in the Campos basin in Brazil’s 15th licensing round held on 29 March. With the new licenses, Statoil strengthens its position in Brazil and increases synergies with current projects.

A consortium comprising Petrobras (30%), ExxonMobil (40%) and Statoil (30%), presented the winning bid for the C-M-657 block in Campos Basin with a signature bonus of $638,550,000. The same consortium made up of Petrobras (40%), ExxonMobil (40%) and Statoil (20%), presented the winning bid for the C-M-709 block in the Campos Basin with a signature bonus of $450,000,000. Both blocks will be operated by Petrobras.

Statoil, together with BP, presented the winning bid for blocks C-M-755 and C-M-793. The signature bonus for both blocks totaled $26,016,600. The blocks will be operated by BP.

The award in Brazil’s 15th bidding round reinforces Statoil’s ambition of long-term growth in Brazil and strengthens the company’s position in the prolific Campos basin, where it operates the producing Peregrino field. Other key projects located in Campos basin are the Petrobras-operated Roncador field, where Statoil has a 25% interest, and BM-C-33, operated by Statoil and currently in the development phase.

“We are very pleased with the outcome of this round. We are looking forward to working with our partners to pursue these exciting exploration opportunities,” said Tim Dodson, Executive Vice President for Exploration in Statoil. “This award is in line with Statoil’s exploration strategy to build on core positions in prolific and proven basins. Access to new quality acreage is an essential prerequisite for further value creation through exploration activities and for increasing Statoil’s international production level from core areas such as Brazil.”

“These are world-class assets in a country where Statoil has been present since 2001, with an experienced local organization and deep understanding of local regulation,” said Statoil’s country manager in Brazil, Anders Opedal. “I am happy to reinforce our partnership with solid and experienced companies such as Petrobras and ExxonMobil, which are also our partners in other concessions in Brazil, and to form a new partnership with BP.”

The blocks are situated in the southern part of the Campos basin, close to Statoil’s operated position in BM-C-33 (Pão and Gavea), and have the potential to capture synergies of scale from existing discoveries and operations in Brazil.