Statoil Farms Down Stakes Offshore Brazil

Statoil is farming down 10% and 15%, respectively, of its participating interests in the exploration licenses BM-CAL-7 and BM-CAL-10 in the Camamu-Almada basin offshore Brazil to Canadian company Gran Tierra Energy.

Both licenses are located in the Camamu-Almada basin offshore Brazil. The transaction is subject to approval by Brazilian authorities and other conditions to closing.

"This transaction is part of Statoil's continued optimization process to maximize value and reduce portfolio risk," said Gareth Burns, senior vice president for Exploration strategy and business development in Statoil.

The BM-CAL-7 license is operated by Petrobras with 60% equity, while Statoil has a 40% share.

BM-CAL-10 is operated by Statoil with 60% equity and Petrobras holds 40%.

Statoil is the operator of the Peregrino field offshore Brazil that started production in April this year. The company holds several exploration licenses offshore Brazil and has participated in four discoveries in the last 12 months, including the Gavea pre-salt and the Peregrino South discovery.