ExxonMobil buys 33% stake in BM-S-8 Brazil from Statoil
ExxonMobil is buying a 33% stake from Statoil in the BM-S-8 block offshore Brazil for a nominal consideration of US$1.3 billion. The transaction includes the pre-salt Carcará oil discovery, which extends to the north into the Norte de Carcará block, and the Guanxuma exploration prospect. On the same day, the Norte de Carcará area had been awarded to Statoil (40% and operator), ExxonMobil (40%) and Petrogal (20%) in Brazil's 2nd PSC Round. The deal aims to align equity interests on the two blocks as much as possible before unitisation talks begin. The US$1.3 billion consideration will be paid in two instalments. The first will be an upfront cash payment of US$800 million and a contingent payment of US$500 million.