Statoil Acquires Stake in Brazilian Exploration Block

Statoil has acquired a 25 percent stake in block BM-C-10 operated by Shell off Brazil, in which the first wildcat was recently spudded. The license covers 1,921 square kilometers off Rio de Janeiro, and lies in a deepwater area that is little-explored but nevertheless close to the productive part of the Campos Basin.

"We believe this is an exciting frontier area," says Tony Dore, vice president for the Americas unit of global exploration (GEX) in the International Exploration & Production business area. "Since the block lies in 2,900 meters of water, it will give us experience of exploration drilling in such depths and with new drilling technology."

The first wildcat, 1-Shell-14-RJS, was spudded on April 25yh and is targeted at a potential oil prospect.

Shell retains 40 percent of the block, while Wintershall holds 35 percent. Statoil already has interests in four other Brazilian offshore licenses.

The agreement is dependent on approval by the Brazilian petroleum directorate, Agencia Nacional do Petroleo (ANP).