Statoil increases Brazil presence and boosts African reserves

Statoil is expanding its exploration portfolio in Brazil and finding sucess in Africa.

Statoil is set to acquire a 25% participating interest from Vale SA in BM-ES-22A - a block in the outer Espirito Santo Basin off the coast of Brazil.  Petrobras, the other operator, will retain the remaining 75% equity. The site is partially adjacent to BM-ES-32 where Statoil is also partner  - the block which holds the major Indra discovery.

The deal is subject to approval by Brazilian authorities and other conditions and, if it goes ahead, will retain Statoil's status as the largest international operator in Brazil.

Meanwhile the company also announced a new natural gas discovery off the coast of Tanzania. The Statoil-operated Lavani-2 well successfully appraised oil reserves from the Lavani-1 discovery reservoir as well as finding a significant gas bearing in the area.

"The Lavani-2 is the third well in an ambitious drilling campaign of four wells within one year. The next well will be the appraisal of the Zafarani discovery. In parallel the venture is acquiring new 3D seismic to help us identify additional targets" according to Statoil's Nick Maden.