Sinochem acquires 40-per cent stake in Statoil’s Brazilian oilfield for $3 billion

Beijing-based Fortune 500 company, state-owned Sinochem Group has acquired a 40 per cent stake in Norway's Statoil-owned Brazilian offshore Peregrino oilfield for $3 billion, making its first entry into the high risk deepwater exploration.

Norway-based Statoil, which is 67-per cent owned by the Norwegian government and is the biggest offshore oil and gas company in the world, holds the license for the Peregrino field Block BM-C-7, located about 85kms off of the coast of Rio de Janeiro.

The field, estimated to hold recoverable reserves of approximately 300-600 million barrels of heavy crude oil, came into full control of Statoil when it acquired the other 50 per cent in 2008 from Anadarko Petroleum Corp, the largest independent oil and gas company in the US.

Statoil, which has been looking to sell part of the stake to reduce risk as well as acquire a partner to share the developmental costs, will be the operator of the Peregrino field and maintain a 60-per cent stake

The Peregrino field is expected to be commissioned early next year, with an output of 0.1 million barrels per day after the initial development phase.

Statoil made a heft profit by selling 40-per cent stake to Sinochem as it acquired some assets of Anadarko Petroleum in 2008 $1.8 billion, which included the 50-per cent stake in Peregrino field.