Transaction Peregrino Field Succesfully Closed
All contracts and approvals related to Statoil’s sale of 40% of the Peregrino field offshore Brazil to Sinochem Group were formally closed on 14 April. Statoil maintains 60% ownership and the operatorship of the field, which safely and efficiently started production last week. The deal, which was first announced on 21 May 2010, has obtained all required government approvals by Brazilian and Chinese authorities.
Sinochem Group paid a total of USD 3.07 billion in cash for the 40% share of the Peregrino field plus financial settlement from effective date to closing date. This transaction confirms the high quality of the Peregrino asset and reflects the added value by Statoil through field development. It demonstrates Statoil’s ability to leverage its industrial competence developed on the Norwegian continental shelf and realise value for its shareholders.
The Peregrino field is located 85 km offshore Brazil in the Campos basin at about 100 metres of water depth in blocks BMC-7 and BMC-47. The first phase of the development includes two drilling and wellhead platforms and a ship-shaped floating production, storage and offload unit (FPSO). The field was discovered in 1994. Statoil (then Norsk Hydro) acquired 50% in the discovery in 2005, and the remaining 50% and its operatorship in 2008.