Norwegian oil major Statoil has completed the acquisition of a ten percent stake in the BM-S-8 block, located in the Santos basin offshore Brazil, from Queiroz Galvão Exploração e Produção (QGEP).
Statoil said on Wednesday that QGEP’s 10% interest in the block was bought through a transaction announced in July for a total consideration of $379 million.
BM-S-8 includes a substantial part of the Carcará discovery comprising high-quality oil of around 30° API and with associated gas in a thick reservoir with excellent properties. Statoil estimates the recoverable volumes within the BM-S-8 license to be in the range of 700 to 1,300 million barrels of oil equivalent.
Brazil Energy Insight 
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