Feb. 08, 2017

Not everything is a crisis in Brazil. With the growing interest in the country, Statoil will concentrate its efforts on the second phase of production of the Peregrino field in the Campos Basin, which will begin in 2020. The company’s president, Eldar Sætre , stated that the Peregrino Project is an important part of the Norwegian company’s portfolio generation.

In a time when companies in the industry are looking to cut costs, the executive also said that the goal is to get all new Statoil fields to a breakeven price of $ 27 a barrel. In Peregrino, according to the company’s chief financial officer, Hans Hegge, this figure is already at $ 45, a 30% reduction. The goal is to make all projects have even lower breakeven.

In addition to Peregrino, Statoil owns the Pão de Açúcar and Carcará projects, which are expected to start production only in 2023. Both areas have large natural gas reserves and should require large investments. The Norwegian company estimates that in Carcará alone, there is a recoverable reserve of between 700 million and 1.3 billion barrels of oil equivalent.

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