Norwegian energy giant Statoil has expanded its operations in South America, buying part of an offshore Brazilian oil field from mining company Vale.
Once Brazilian authorities approve the deal, it will own a 25% interest in a block in the Espirito Santo Basin next to one it already partly owns.
Statoil is the operator of the Peregrino field (pictured) in Brazil, which came on stream in April 2011 and is currently the largest international operator in the country.
Nick Maden, Statoil’s senior vice president of Exploration International said: “The acquisition allows Statoil to expand its position in a prioritised basin for Statoil. The position is in line with Statoil’s exploration strategy of deepening core areas.
“The exploration results over the last years in the Espirito Santo Basin give encouragement for further exploration in this area,” he said.