$2.5 billion deal with Statoil reaffirms our partnership and divestment goal
The sale announced today is the largest merger and acquisition carried out between companies operating out of the oil and gas exploration segment in history, and is the second largest deal of this type in Brazil this year.
The transaction will have no impact on our reserves and production in the short term. “There are no reserves associated with these assets, and production was only expected to begin there in the middle of the next decade,” said the officer at the press conference held in São Paulo, which she granted with Ivan Monteiro.
Monteiro reaffirmed that we will maintain the partnership and divestment goal for the year, and will work "tirelessly" to achieve it. At the same event, Solange Guedes explained that the block that was sold is still in its exploration phase (prior to oil extraction) and required investments that, for our having a varied portfolio, we can allocate to fields that are producing or will produce in a shorter period of time.
The director also emphasized the importance of consolidating the partnership with the Norwegian company. She stressed the profile and history similarities there are between the two companies, both of which with origins in the state and with strong commitments to their countries of origin: "Statoil means a lot to us. We are longtime technology partners, and for quite some time we have had the ambition to bring it to this strategic partnership.”
BM-S-8 is currently operated by Petrobras (66%), Petrogal (14%), Queiroz Galvão Exploração e Produção S.A. (10%), and Barra Energia of Brazil Petróleo e Gás Ltda. (10%). Our partners will be able to exercise preemptive rights in the operation, which means they can decide to buy our share for at least the same amount offered by Statoil.
In addition to the $2.5 billion announced today, approximately R$1.9 billion from the sale of 49% of Gaspetro to the Japanese outfit Mitsui, in December 2015, and approximately $900 million for the sale of the control over Petrobras Argentina to Pampa have already entered Petrobras’ cash. Another $464 million are expected from the sale of Petrobras Chile to the Southern Cross Group, as announced this week.