ExxonMobil entered the Carcarà field

A map of the cascara area (image courtesy of presalt.com)

A map of the cascara area (image courtesy of presalt.com)

According to a company press release, ExxonMobil announced that it has completed an agreement to purchase half of Statoil’s interest in the BM-S-8 block offshore Brazil, which contains part of the pre-salt Carcara oil field, which holds an estimated recoverable resource of 2 billion barrels of high-quality oil. The block is located approximately 320 kilometres offshore Rio de Janeiro.
Statoil currently holds a 66 percent interest in the block, which comprises about half the Carcara field. Statoil will continue to operate the Carcara development and hold 33 percent interest.
Over the last month, through bid rounds and announced farm-in agreements, ExxonMobil has added 14 blocks comprising more than 5,000 km2 offshore Brazil to its portfolio, bringing its total size in the country to more than 5,600 km2.
ExxonMobil will make an upfront cash payment of approximately $800 million for the interest in BM-S-8 block, and an additional contingent cash payment for a potential total of approximately $1.3 billion. The transaction is subject to government approvals and is expected to close in 2018.
Following the close of the transaction, partner interests in the BM-S-8 block will be 33 percent for Statoil, 33 percent for ExxonMobil, 14 percent for Petrogal Brasil, a subsidiary of Galp, and 10 percent each for QGEP and Barra.