Sinochem takes 40% stake in Statoil's Peregrino
Norwegian energy company Statoil has agreed the sale of a 40% stake in the Brazilian Peregrino offshore exploration site to China's Sinochem.
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Image: Statoil. |
The $3bn deal is set to be the first of a number of potential collaborative opportunities between the two organisations according to Statoil's CEO, Helge Lund. The deepwater field is 85km offshore from Rio de Janeiro and is estimated to hold some 460m barrels of recoverable oil.
This is the largest Sinochem investment overseas to date and follows a recent investment by another of China's major oil producers, CNOOC, which paid $3.1bn for a stake in an Argentian field in March of this year.
Sinochem's purchase will reduce Statoil's production share by around 40,000boepd, although the Norwegian company will continue to take more than 2 million bpd and remain the operators for the field. The purchase is further indication of China's desire for expansion into significant overseas exploration.
