Statoil’s $379 Million Acquisition of QGEP’s 10% interest in the BM-S-8 licence in Brazil’s Santos basin


Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga advised on the deal

Statoil ASA and Queiroz Galvão Exploração e Produção (QGEP) have signed an agreement for Statoil to acquire QGEP’s 10% interest in the BM-S-8 licence in Brazil’s Santos basin. The additional 10% equity will increase Statoil’s operated interest in the licence from 66% to 76%. The total consideration for the transaction is $379 million.

BM-S-8 includes a substantial part of the Carcará discovery comprising high-quality oil of around 30° API and with associated gas in a thick reservoir with excellent properties. Statoil estimates the recoverable volumes within the BM-S-8 licence to be in the range of 700 to 1,300 MMboe.

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga advised Statoil Brasil Óleo e Gás Ltda. with Giovani Loss (Picture), Nilton Gomes de Mattos Neto, Filipe Vasconcelos de Aguiar Carneiro, Luis Eduardo Izu and Matheus Nunes Oberg.

Involved fees earner: Giovani Loss – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Nilton Gomes de Mattos Neto – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Filipe de Aguiar Vasconcelos Carneiro – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Luis Eduardo Izu – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Matheus Nunes Oberg – Mattos Filho Veiga Filho Marrey Jr & Quiroga;

Law Firms: Mattos Filho Veiga Filho Marrey Jr & Quiroga;

Clients: Statoil;

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Author: Ambrogio Visconti.