BM-S-8 includes a substantial part of the Carcará discovery comprising high-quality oil of around 30° API and with associated gas in a thick reservoir with excellent properties. Statoil estimates the recoverable volumes within the BM-S-8 licence to be in the range of 700 to 1,300 million barrels of oil equivalent.
This transaction is Statoil’s second in BM-S-8, following the agreement in 2016 with Petrobras to acquire its 66% operated interest.
As with the 2016 transaction, half of the total consideration will be paid upon closing of the transaction, with the remainder being paid when certain conditions have been met. These are partly related to the licence award, but mainly to the future unitisation of Carcará.
Closing is subject to customary conditions, including partner and government approval.