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Equinor further expands position in Brazil, buys 25% stake in Roncador field

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Equinor further expands position in Brazil, buys 25% stake in Roncador field

Equinor, formerly Statoil ASA, continues to expand its position in Brazil, completing the purchase of a 25% non-operated interest in the Petroleo Brasileiro SA, or Petrobras, Roncador oil field in the Campos Basin.

Equinor paid US$2.0 billion for the stake in the third-largest producing field in Brazil and has agreed to invest up to US$550 million in projects to increase recovery volumes.

The Roncador deal is expected to raise Equinor's equity production in Brazil by about 150% to 100,000 barrels of oil equivalent per day, from 40,000 boe/d previously. The goal is to hike the total remaining recoverable volumes from the field from 1 billion boe to more than 1.5 billion boe.

With a 75% stake, Petrobras will remain operator of Roncador.

The acquisition is part of Equinor's partnership with Petrobras to expand technical collaboration and to build out its presence in Brazil's natural gas market.

The Norwegian-based company and U.S.-based oil major Exxon Mobil Corp. just recently expanded its holdings in Brazil's pre-salt basins after winning offshore blocks during the country's fourth pre-salt bid round June 7.

With Exxon previously purchasing 50% of Equinor's interest in the Carcara oil field, the awarded block adds 88,900 net acres to the company's portfolio and increases its interests to 25 blocks offshore Brazil.

Equinor's portfolio in the Brazilian pre-salt area also includes BM-S-8 and Carcará North, both in Santos basin, and the BM-C-33 in the Campos basin.