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ExxonMobil has expanded it's offshore acerage with a deal to acquire half of Statoil's 66% interest in the BM-S-8 block of offshore Brazil , Criterion Research reported. $XOM will pay an upfront cash payment of $800 million with contingent payments of up to $500 million. The Block is located on the Carcara oil field, which holds an estimated recoverable resource of 2 billion barrels. Statoil will maintain a 33% interest in the block along with operatorship.

 Brazil Carcara Field

  • ExxonMobil and partners high bidders in adjacent and other blocks in recent bid rounds
  • ExxonMobil adds more than 1.25 million net acres to deepwater portfolio offshore Brazil

Over the last month, through bid rounds and announced farm-in agreements, ExxonMobil has added 14 blocks comprising more than 1.25 million net acres offshore Brazil to its portfolio, bringing its total acreage in the country to more than 1.4 million net acres.

Following the close of the transaction, partner interests in the BM-S-8 block will be 33 percent for Statoil, 33 percent for ExxonMobil, 14 percent for Petrogal Brasil, a subsidiary of Galp, and 10 percent each for QGEP and Barra.

The deal is scheduled to close in 2018.

Source: ExxonMobil to Acquire Interest in Block Containing Brazil’s Carcara Oil Field from Statoil

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