Farm-in of BM-S-8 approved without restrictions/Exxon – Carcara

The Administrative Council for Economic Defense (Cade) approved the entry of ExxonMobil into the consortium that operates the exploratory block BM-S-8, in the Santos Basin pre-salt, where Carcará was discovered. The operation was approved without any restriction.

A major corporate reorganization was made at  BM-S-8 in the 2nd pre-salt auction, which offered the unitizable area of ​​North Carcará. Shortly after taking the area, the consortium formed between Statoil, ExxonMobil and Galp reported the reorganization of the project.

Statoil, which acquired Petrobras’ 66% stake in BM-S-8 for $ 2.5 billion, sold half of that stake to ExxonMobil for $ 1.3 billion. In addition, it sold 3.5% and 3%, respectively, of the 10% portion that it bought from Queiroz Galvão E & P in the area to ExxonMobil and Galp, an operation that moved another US $ 250 million.

The departure of QGEP from the BM-S-8 had already been approved by ANP and Cade.