Petrobras sale ends in the exploratory block BM-S-8

Petrobras reported that ended in November 22 the sale of its 66% stake in the exploratory block BM-S-8 for Statoil Brazil oil and gas unit of Norwegian company Statoil.

The operation, announced on July 29, was completed with the payment, occurred on Tuesday, to $1.25 billion, corresponding to 50% of the total value of the transaction.

In the BM-S-8, in the Santos basin, is the promising reserve of Carcará. The negotiation with Statoil marked the sale, by Petrobras, the first major pre-salt area included in the realization of the State plan, which aims to collaborate with the debt reduction program of the company.

The completion of the negotiation took place after the fulfillment of all the conditions precedent provided for in the contract, such as the approval of the Administrative Council for economic Defense (Cade) and the National Agency of petroleum, Natural gas and biofuels (ANP), according to Petrobras.

As reported previously, the remaining amount will be paid through installments quotas related to subsequent events, such as the conclusion of an agreement of Individualization of production (Unitization).

The reservation of Carcará advances to areas of the Union which will be auctioned next year.

The portion of the oil prospect which will be the second bid Carcará auction of Shares, in 2017, has 2.2 billion barrels of oil in situ, indicating a giant reserve, in the evaluation of the PNA.

The oil company Statoil is interested in purchasing that part of the area of Carcará that still belongs to the Union, said the President of the company in Brazil, Pål Eitrheim, in recent event in Brazil, which would allow the company to optimize its operation in the area in the future.

Statoil is operator of the BM-S-8 and will have as members the Petrogal Brazil (with slice of 14%), Queiroz Galvão exploration and production (with 10%) and Brazil's energy Bar oil and gas (with 10%).

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