Deal Insight
Statoil acquires Brazilian pre-salt discovery from Petrobras for US$2.5 billion
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
On 29 July 2016 Statoil announced that it will acquire Petrobras' 66% operating interest in the BM-S-8 block offshore Brazil for a nominal consideration of US$2.5 billion. The transaction includes a portion of the Carcará oil discovery, which extends beyond BM-S-8 into open acreage, and the Guanxuma prospect, located in the western portion of the block. This is the Brazilian NOC's largest ever single asset sale, and its first in the highly productive pre-salt area. Petrobras offloads one of the most technically challenging projects in its portfolio, freeing resources to focus on its core, cash-generating assets. The materiality of Carcará demonstrates that the company and Brazilian government are serious about de-leveraging Petrobras' highly indebted balance sheet. For Statoil, the deal substantially strengthens its post-2020 production growth potential.
Table of contents
- Executive summary
- Transaction details
-
Upstream assets
- Carcará
- Guanxuma
- Deal analysis
-
Upsides and risks
- Reserves upside
- Local content
- Unitisation risks
- High pressure
- Gas monetisation
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Strategic rationale
- Statoil
- Petrobras
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
- Executive summary: Table 1
- Deal analysis: Table 1
- Deal analysis: Table 2
- Deal analysis: Table 3
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- Upstream assets: Table 1
What's included
This report contains:
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