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Statoil seeks to more than triple Brazil output

Published 06/12/2017, 03:58 PM
© Reuters.  Statoil seeks to more than triple Brazil output
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  • Statoil (OL:STL) (STO +0.2%) seeks to more than triple its production in Brazil and hopes to become the sole operator for the entire Carcara discovery, among the world's biggest in recent years, says its top manager in the country.
  • STO's Peregrino offshore oilfield is the biggest it operates outside Norway, producing 80K-90K boe/day, and its 60% stake in the field currently leaves the company with 48K-54K boe/day in production from the country; last year, STO bought a two-thirds stake and became the operator of the BM-S-8 license in the Santos Basin, including parts of Carcara, from Petrobras for $2.5B.
  • STO also is still evaluating options for developing its newly acquired BM-C-33 license in the Campos Basin, where three discoveries have revealed an estimated 1B boe.
  • Now read: A 12% Yielder With Upside Potential Waiting To Set Sail


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