Norway's integrated oil and gas company StatoilHydro is to take a 50% stake in the Brazilian Peregrino oilfield development.
It has signed an agreement with Anadarko to pay US$1.8bn, plus a maximum pre-tax value of US$300mn related to the Peregrino field to be earned by 2020, conditional on future oil prices above pre-defined threshold levels.
StatoilHydro is also to acquire a 25% interest in Anadarko's Kaskida discovery in deepwater US Gulf of Mexico.
"This acquisition strengthens our position in Brazil and adds an important new legacy operatorship to StatoilHydro’s international portfolio. We are establishing leading positions in attractive core areas,” says Peter Mellbye, executive vice president for international exploration and production.
He adds: “These assets have an excellent strategic fit both in Brazil and in the Gulf of Mexico where we will utilise our increased oil recovery experiences together with our project management skills for large offshore developments.”
The Peregrino field is in the Campos Basin offshore Brazil, and has expected reserves at an estimated 500mn barrels. It is expected to come on stream in 2010.
The field is being developed with a Floating Production Storage and Offloading vessel (FPSO) and two platforms. All development contracts have been entered into and the execution phase of the project has begun.
Kaskida is operated by BP (55%) and Devon (20%), and it is one of the largest deep water discoveries in the US Gulf of Mexico.
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