Offshore Activity

COURT AUTHORIZES PETROBRAS SALE OF CARCARÁ TO STATOIL

 

  1. Oct, 2017

Petrobras won an important victory for its divestment plans. The 4th Regional Federal Court of the 5th Region (TRF), in Recife, gave the green light for the state company to sell the 66% stake in the block BM-S-8 (Carcará) to the Norwegian Statoil.

 

The court analyzed an appeal filed by the Oil Workers Union and the Sindipetro of Alagoas and Sergipe. The sale of the asset was announced in July 2016, for US $ 2.5 billion, an amount that is disputed by the entities. The union claims that this is a very low price for the field’s production potential. Of the total sale, US $ 1.25 billion has already entered the company’s cash register in November 2016.

 

The wells drilled in Carcará confirmed the presence of excellent quality oil of 31 degrees API and without contaminants (CO2 and H2S) and reservoir rocks also of excellent quality. Training tests conducted in one of the wells drilled in 2015 confirmed the continuity of the reservoir. That is, the reservoir traversed in the 3 wells is the same, and the productivity is high (averages of 20,000 to 30,000 barrels a day are common to some pre-salt fields). The estimate is that the area would have 2 billion barrels recoverable, but, in Petrobras’ accounts, this figure would be between 0.8 and 1.3 billion barrels.

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