OSLO, July 29 (Xinhua) -- Norwegian oil and gas company Statoil said Friday it has agreed to spend 2.5 billion U.S. dollars to acquire a majority stake in a offshore licence in Brazil's highly prolific Santos basin.
Statoil will acquire Brazilian oil giant Petrobras' 66 percent operated interest of the BM-S-8 offshore licence in Santos basin. The acquisition includes a substantial part of the Carcara oil discovery, one of the largest discoveries in the world in recent years, the Norwegian company said in a statement.
The total consideration for the acquisition is 2.5 billion U.S. dollars. Half of it would be paid upon closing of the transaction, with the remainder being paid when certain milestones have been met, according to the two companies' agreement.
"The effective date for the transaction is July 1 2016. Closing is subject to customary conditions, including partners' and government approval," the statement said.
Carcara was discovered in 2012 on the geological trend of the nearby Lula field and Libra area. It is a world-class discovery of high-quality oil of and with associated gas in a thick reservoir with excellent properties. It straddles both BM-S-8 and open acreage to the north, which is expected to be part of a licence round in 2017.
In addition to the Carcara discovery, BM-S-8 holds exploration upside that may significantly increase its resource base. The licence is in its final exploration phase with one remaining exploration commitment well to be drilled by 2018, Statoil said.
"Through this acquisition we are accessing a world class asset, and we strengthen our position in Brazil, one of Statoil's core areas due to its large resource base and excellent fit with our technology and capabilities," Statoil president and CEO Eldar Saetre was quoted as saying.
"The Carcara field will significantly enhance our international production volumes in the 2020s and beyond," he added.
