Equinor buys Carcara's stake in Barra for US$370 million

Norway's Equinor will buy Barra Energia's ten percent stake in the BM-S-8 license in the Santos basin off the coast of Brazil.

Equinor said on Wednesday that the acquisition will allow "Equinor and its partners to fully align the interests of the two licenses for the Carcará area". In early June, Equinor, ExxonMobil and Galp completed transactions on BM-S-8 to begin aligning equity stakes with those the three partners hold in the adjacent Carcará Norte block. BM-S-8 and northern Carcará together make up the area that contains approximately 2 billion recoverable barrels of oil equivalent.

CEO Renato Bertani left), Barra Energia and Anders Opedal, Manager of Equinor in Brazil

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Equinor is the operator of both blocks and aims to develop the unitized field with the ambition to deliver first oil between 2023 and 2024. Equinor said it would pay US$370 million for the 10% stake in Barra, the same amount paid for the area of Queiroz Galvão Exploration and Production (QGEP) in July 2017.

Closing is subject to customary conditions, including partner and government approval, and price adjustments considering a July 2016 baseline date. Upon closing, Equinor intends to sell 3,5% to ExxonMobil and 3% to Galp, fully aligning interests across BM. -S-8 and north of Carcará.

In June, Equinor (or Statoil) caused Petrobras to sell 25% of Roncador to it, arousing the fury of statists and unionists. The state-owned company that the sale of its assets or part of them are part of the company's restructuring plans, mainly financial, and the most effective way to do this at the moment is through partnerships. It is impressive the number of assets that foreign companies have been acquiring in Brazil after our market opened, But would you like to know why our oil deposits attract multinationals so much? Check out the explanation in this other article here.