Sinochem to Join Statoil in Peregrino Development



Statoil will sell 40% of its stake in the Peregrino field to state-owned Sinochem Group for $3.07 million. Statoil will maintain a 60% operating interest of the field, which is slated to commence production in early 2011. The transaction is subject to government approvals in Brazil and China. The Peregrino field is located on the BM-C-7 block offshore Brazil in the Campos Basin area in 328 feet (100 meters) of water.

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