Statoil Expands Stake in Brazilian Deepwater Block

A further 70 percent share in deepwater block BM-ES-11 off Brazil has been acquired by Statoil, which secured 30 percent of this acreage in 2002. The group now becomes operator for the license.

Statoil has interests in four Brazilian offshore licenses and wants to extend its level of activity in the South American country.

Block BM-ES-11 lies in the Espirito Santo Basin about 200 kilometers from land, and in an area with water depths ranging from 1,100-1,900 meters.

The group is evaluating seismic information to assess what to do next in the license.