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May 23, 2010

Statoil to Sell Peregrino Field to Sinochem

Statoil said it will sell 40% of the Peregrino field to China's state-owned Sinochem Group. Total consideration of the transaction is $3.1bn for the Peregrino field, located on the BM-C-7 block offshore Brazil in the Campos Basin area, in 328ft (100m) of water. Statoil wil

By cms admin

Statoil said it will sell 40% of the Peregrino field to China’s state-owned Sinochem Group.

Total consideration of the transaction is $3.1bn for the Peregrino field, located on the BM-C-7 block offshore Brazil in the Campos Basin area, in 328ft (100m) of water.

Statoil will maintain a 60% operating interest in the field, which is due to begin production in early 2011.

The transaction is subject to government approvals in Brazil and China.

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