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  • Galp acquires a 20% interest in Carcara North and increases its position in BM-S-8 (Carcara) in the Santos Basin in Brazil
    édité le 29/10/2017 - Plus de news de "GALP" - Voir la fiche entreprise de "GALP"

Galp acquires a 20% interest in Carcara North and increases its position in BM-S-8 (Carcara) in the Santos Basin in Brazil
Galp informs that its Brazilian subsidiary, Petrogal Brasil, together with Statoil Brasil Óleo e Gás Ltd. (Statoil) and ExxonMobil Exploração Brasil Ltda. (ExxonMobil) were awarded the Carcará North area pursuant to the 2nd Production Sharing Bidding Round, which took place today. Petrogal Brasil will hold a 20% interest in this area, while Statoil, the operator, and ExxonMobil will have 40% each.

The consortium offered a profit oil share of 67.12%. Additional commitments include the payment of a signature bonus of c.$930 million (gross), or c.$186 million net to Petrogal Brasil, and the drilling of an exploration well.

Carcará North area is adjacent to BM-S-8 concession, where Petrogal Brasil currently holds a 14% interest, and which includes the Carcará pre-salt discovery.

In light of the award, Statoil, ExxonMobil and Petrogal Brasil have agreed to align equity interests in those two licenses that together encompass the large Carcará reservoir.

In this context, Petrogal Brasil has agreed with Statoil the acquisition of an additional 3% stake in BM-S-8, for a total consideration of c.$114 million, comprising an upfront cash payment of c.$71 million and a cash payment contingent on certain conditions being met, which include the unitisation process between Carcará and Carcará North areas. This acquisition is subject to the completion of the ongoing transaction entered into between Statoil and Queiroz Galvão Exploração e Produção and to customary conditions, including partner and government approvals.

Pursuant to the two above-mentioned transactions, Petrogal Brasil’s total exposure to the Carcará reservoir will consist of a 20% interest in Carcará North and a 17% interest in the BM-S-8 concession.

The partners have also agreed that Statoil will be the operator of the unitised areas, subject to the relevant authorities’ approval.

These acquisitions reflect Galp’s strategic interest in expanding its presence in core areas, such as the Brazilian pre-salt, from selected high-quality assets to be developed through strong partnerships.

About Galp

Galp (NYSE: GALP.LS) is an integrated energy company – finding and extracting oil and natural gas from sites across four continents to deliver energy to millions of customers every day.
We are Portugal’s oil and natural gas integrated operator. Our activities span from exploration and production of oil and natural gas to refining and marketing oil products, natural gas marketing and sales and power generation.

About ExxonMobil

ExxonMobil (NYSE:XOM), the largest publicly traded international oil and gas company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is the largest refiner and marketer of petroleum products, and its chemical company is one of the largest in the world.

About Statoil

Statoil ASA (OSE: STL, NYSE: STO) is an international energy company with operations in more than 30 countries, present in several of the most important oil and gas provinces in the world. Building on more than 45 years of experience from oil and gas production on the Norwegian continental shelf, we are committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions. Statoil is among the world's largest net sellers of crude oil and condensate, the second-largest supplier of natural gas to the European market, and we also have substantial processing and refining operations. Statoil’s equity oil and gas production is around 2 million barrels oil equivalent per day. Statoil has contracted a fleet of around 90 ship for transportation of oil and LNG.
Statoil is headquartered in Norway with 21,000 employees worldwide, and is listed on the New York and Oslo stock exchanges.

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