Statoil increases stake in Santos Basin

Statoil increases stake in Santos Basin

Brazil Europe M&A

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

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