Equinor to pay $379m for Brazil licence stake

CEO Renato Bertani (left), Barra Energia, and Anders Opedal, Brazil country manager. (Photo: Guilherme Botelho / Equinor ASA)
CEO Renato Bertani (left), Barra Energia, and Anders Opedal, Brazil country manager. (Photo: Guilherme Botelho / Equinor ASA)

Equinor has agreed to buy Barra’s 10% interest in the BM-S-8 licence in Brazil’s Santos basin for $379 million.

The Norwegian energy giant said the transaction would help it fully align interests across the two licences for the Carcará area.

In early June Equinor, ExxonMobil and Galp completed transactions in BM-S-8 to start aligning equity interests with those the three partners hold in the adjacent Carcará North block.

BM-S-8 and Carcará North together comprise the Carcará area, which contains approximately 2 billion recoverable barrels of oil equivalent.

Equinor is the operator of both blocks and aims to develop the unitised field with the ambition to deliver first oil between 2023 and 2024.

Upon closing, Equinor intends to sell down 3.5% to ExxonMobil and 3% to Galp, so fully aligning interests across BM-S-8 and Carcará North.

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