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Financial News: BRAZIL: Statoil May Bid For Big Local Oil

BRAZIL: Statoil May Bid For Big Local Oil Field

07/09/2017 - 21:30:00 (RTTNews)

(RTTNews) - Norwegian Statoil may take part in the next pre-salt oil area tenders in Brazil, scheduled for October 27, and is particularly interested in the Carcar? Norte area in the Santos Basin, where it already operates the BM-S-8 block.

Carcar? Norte has the most expensive signature bonus (R$ 3 billion) out of the four offered areas. The amount corresponds to 88.5% of what the Brazilian government expects to collect if it sells all areas.

Statoil is the second largest oil and gas operator in Brazil, with 3% of daily production, or 80,000 barrels of oil equivalent per day (boed), while Petrobras has 93% of production, or 3.120 million boed, according to the most recent data, from May. Anglo-Dutch Shell and North American Chevron are the third biggest producers, with 1% of the total oil output in Brazil each.

The Norwegian state-owned oil company distanced itself from its competitors in Brazil when it signed an agreement with Petrobras to buy 66% of the BM-S-8 block almost a year ago. In addition to the Santos Basin, the company operates in Campos and Esp?rito Santo.

"Statoil is always assessing growth opportunities in Brazil, which is one of the most appealing oil provinces in the world and has a still unexplored resource base. We have great ambitions to grow. Stability and predictability are key elements in the business environment, and it is for this reason that we welcome the recent changes made by the government to make the sector more flexible and competitive," the company said.

Statoil said it welcomed the recent reforms in the Brazilian oil sector - namely the new rules on the local content usage and the end of Petrobras' obligation to operate every pre-salt oil field. For the Norwegian company, these changes will make the industry more competitive.

The production sharing agreement in the pre-salt tenders scheduled for later this year have rules that oblige companies to use local equipment and services. However, in Carcar?, the local content rate is at 35% in the exploration phase and at 30% in the development state - well below other areas, which demand 60% or more of local content usage.

According to Statoil, the expected extension of Repetro, a fiscal subsidy that suspends tax collection for imported equipment used in oil exploration projects in Brazil, is another measure that could bring more stability and predictability to the business.

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