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Equinor Aligns Partnership in Brazil’s Carcara Area

Source: www.gulfoilandgas.com 7/4/2018, Location: South America

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Equinor and Barra Energia (“Barra”) have signed an agreement for Equinor to acquire Barra’s 10% interest in the BM-S-8 licence in Brazil’s Santos basin. This transaction will enable Equinor and its partners to fully align interests across the two licences for the Carcara 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 Carcara North block. BM-S-8 and Carcara North together comprise the Carcara 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.

The total consideration for Barra’s 10% interest is USD 379 million, the same as for Equinor’s earlier transaction in BM-S-8 with Queiroz Galvao Exploraçao e Produçao (QGEP) in July 2017. Closing is subject to customary conditions, including partner and government approval, and price adjustments in consideration of a reference date of July 2016. Upon closing, Equinor intends to sell down 3.5% to ExxonMobil and 3% to Galp, so fully aligning interests across BM-S-8 and Carcara North.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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