Norway’s Statoil sells 40 percent of Brazilian oil field to China’s Sinochem

24 May 2010

Oslo, Norway, 24 May – Norwegian oil company Statoil has announced the sale of a 40 percent stake in Brazil’s Peregrino oil field to China’s Sinochem group for US$3.1 billion.

After the deal the Norwegian company will still hold a 40 percent stake in the oil field located in the Campos Basin of Brazil, as well as the role of field operator.

The sale announced last Friday in Oslo forced Statoil to lower its production forecasts. It now expects to produce from 2.06 to 2.16 million barrels of oil per day in 2012.

The 100 percent state controlled Sinochem group was founded in China in 1950. It is that country’s fourth biggest oil company and its biggest agrochemical product company.

The Oslo-based Statoil in turn operates in more than 40 countries and is one of the biggest offshore oil and natural gas operators. It is quoted on the New York and Oslo stock exchanges. (macauhub)