Statoil Aims To Triple Production in Brazil By 2030
Norwegian integrated energy player Statoil ASA intends to more than triple its oil and gas production in Brazil by 2030, reports Reuters.
Statoil has also approved the Peregrino phase 2 development, which is expected to add 250 million barrels of reserves at a break-even price of below $45 a barrel, down from an original estimate of $70 a barrel.
Statoil invested about $10 billion in Brazil and is currently the largest foreign offshore operator in the country. The company operates the Peregrino field in the Campos Basin offshore Brazil with a 60% stake. Notably, this is Statoil's biggest project in Brazil.
The field's total production capacity is around 80,000-90,000 barrels of oil equivalent per day and with a 60% stake in the field, Statoil's share comes to around 48,000-54,000 barrels of oil equivalent daily.
"We expect (Statoil's) equity production to more than triple in Brazil going towards 2030," Anders Opedal, Statoil's head of Brazilian operations, told Reuters in an interview, referring to the company's share of production.
Last year, Statoil bought a 66 percent stake and became the operator of the BM-S-8 licence in the Santos Basin, including parts of Carcara, from state-run Petroleo Brasileiro SA (Petrobras) for $2.5 billion.
