Official closing ceremony. Credit: Guilherme Botelho.

ExxonMobil has completed the purchase of 50% of Equinor’s interest in the BM-S-8 block that is located offshore Brazil and comprises part of the two billion barrel, pre-salt Carcara oil field for about $800m upfront payment.

Originally announced in October last year, the transaction also involves potential, contingent payments of around $500m.

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Equinor (formerly Statoil) and its Carcara North block partners have also divested 3% interest in the BM-S-8 block to Galp for approximately $155m.

ExxonMobil and Equinor now hold 36.5% each in the block, which is co-owned by Petrogal Brasil (Galp) and Barra Energia with 17% and 10% interest, respectively.

ExxonMobil and its partners have started working on development activities such as concept selection and are in the process of finalising all commercial agreements.

“The Carcara oil field is an excellent example of the quality resources to be found offshore Brazil.”

The company expects production at Carcara oil field, which is located about 200 miles offshore Rio de Janeiro, to begin in 2023 or 2024.

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ExxonMobil Upstream Ventures president Brad Corson said: “The Carcara oil field is an excellent example of the quality resources to be found offshore Brazil.

“We’ll be working with our partners to explore and develop these shared blocks, and contributing our deep-water technology and expertise to further enhance the value of this world-class resource.”

The company currently holds interests in 24 blocks offshore Brazil, including 40% in the North Carcara block located adjacent to BM-S-8. The North Carcara block contains the other part of the Carcara field.