Statoil has completed the sale of its 40% interest in the Peregrino Field, offshore Brazil.

Sinochem purchased the 40% share for a $3.07bn consideration in cash, along with financial settlement from effective date to closing date.

The deal, which was first announced on 21 May 2010, has obtained all required government approvals by Brazilian and Chinese authorities.

Statoil now holds 60% ownership and is the operator of the field, which commenced production two weeks ago.

The first phase of development includes two drilling and wellhead platforms and a ship-shaped floating production, storage and offload unit.