March 06, 2017

Statoil has taken a new step in its main project in Brazil, the promising discovery of Carcará in Block BM-S-8. The Norwegian company asked the Brazilian Institute for the Environment and Renewable Resources (Ibama) for the Operational License for maritime drilling activities in the block, located in the Santos Basin.

The Norwegian company bought a 66% stake from Petrobras last year in the area for $ 2.5 billion. The transaction was approved by the National Agency of Petroleum, Natural Gas and Biofuels (ANP) and by the Administrative Council (CADE).

However, the  Oil Workers Union (FUP) has filed a request in court to try to annul the sale of the block. The union affirms that Carcará has 6 billion barrels of recoverable oil and gas, and could be even larger.  The FUP states in its petition that the amount collected from the transaction is much lower than expected – only US $ 0.70 per barrel.

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