July 13, 2017 |
Statoil has agreed to pay Quieroz Galvao Exploration and Production (QGEP) $379m for its 10% stake in the Santos basin BM-S-8 oil block, taking its total share in the offshore license to 76%.
QGEP said in a statement that the Norwegian energy company will pay half the agreed amount up front and the rest when certain milestones, such as signing a unitization agreement, are met.
Statoil obtained operating rights to BM-S-8 last August when it agreed to buy Petrobras’ 66% stake in the offshore b
Norwegian energy company pays $379m for Queiroz Galvao’s 10% stake in the BM-S-8 offshore oil block