Statoil Brazil Pays Anadarko $419M for Peregrino Field

(Dow Jones Newswires), Dec. 29, 2011

Anadarko Petroleum received a $419 million contingency payment from Statoil ASA's Statoil Brasil Oleo e Gas unit related to the 2008 sale of Anadarko's stake in the Peregrino oilfield offshore Brazil. 

Statoil had paid $1.8 billion to Anadarko Petroleum for stakes in heavy-oil and deep-water projects in Brazil and the Gulf of Mexico, including the 50 percent interest it didn't already hold in the Brazilian Peregrino project. At the time, Statoil said it could pay as much as $300 million more, before taxes, depending on oil prices. 

Anadarko President and Chief Operating Officer Al Walker said the value of the contingent pricing mechanism significantly exceeded the amount the company expected and was helped by both the strength of Brent oil pricing and Statoil's operational success in bringing the Peregrino field on line.

Chinese state-run oil companies have made a big push into Latin America over the past two years and Brazil has been a prime target because of recently discovered deep-water offshore oil deposits, which some analysts said could hold as much as 100 billion barrels of oil equivalent. Last year, state-run Sinochem Group acquired a 40 percent stake in Statoil's Peregrino offshore oil field for $3.07 billion.

-- Wayne Ma contributed to this article. 

Copyright (c) 2011 Dow Jones & Company, Inc.


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