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July 13, 2017

Deals this week: Statoil, Shell Offshore

Statoil ASA has agreed to acquire a 10% stake in BM-S-8 licence in Brazil from QGEP Participacoes SA for $379m.

Statoil ASA has agreed to acquire a 10% stake in BM-S-8 licence in Brazil from QGEP Participacoes SA for $379m.  

The transaction involves a payment of $189.5m to be made at closing and the remaining in future instalments.

The BM-S-8 licence covers an area of 4,864km² in the Santos Basin and forms part of the Carcara discovery. The recoverable volumes within the license are estimated to be between 700 and 1,300 million metric barrels of oil-equivalent.

Statoil will own a 76% stake in the licence upon completion of the transaction. The deal will allow Statoil to reinforce its assets base in Santos Basin, Brazil.

"The FPSO vessel has a production capacity of approximately 60,000bpd of oil and 15 million cubic feet of gas a day."

Shell Offshore Inc has used its right to acquire stake in Turritella FPSO vessel from SBM Offshore NV The deal involves a cash consideration of approximately $1bn. 

The FPSO vessel has a production capacity of approximately 60,000bpd of oil and 15 million cubic feet of gas a day. It serves the Stones deepwater development in the Gulf of Mexico, US. 

Shell Offshore will assume complete operatorship of the FPSO, upon completion of the transaction in early 2018.

The deal will allow Shell Offshore to expand its FPSO assets portfolio, while proceeds from the sale will allow SBM Offshore to reduce its proportional net debt.

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