Australian oil and gas company Carnarvon Petroleum Limited plans to divest its 100% interest in the WA-521-P exploration block (Labyrinth Project), which is estimated to hold approximately 984 million metric barrels (Mmb) of recoverable oil resources.

The block is located in water depths of 200m-500m in the Rowley basin offshore Western Australia and covers an area of 5,075.1km².

Norwegian oil and gas company Statoil ASA has signed an agreement with Brazilian oil and gas company Petroleo Brasileiro (Petrobas) to acquire 25% share in the Roncador oil and gas field in offshore Brazil for $2.9bn.

“Statoil will make an initial payment of $2.3bn and invest an additional $550m in projects.”

Statoil will make an initial payment of $2.3bn and invest an additional $550m in projects that will increase oil recovery for the field.

Petrobras will hold 75% in the field and serve as the operator, while Statoil will own the remaining 25%, upon completion of the acquisition.

The asset acquisition will enable Statoil to add long-term production to its international portfolio and strengthen its position in Brazil.