Brazil: Anadarko Receives More Peregrino Cash from Statoil
- Business & Finance
Anadarko Petroleum Corporation yesterday announced it has received approximately $419 million from Statoil Brasil Oleo e Gas Ltda. to satisfy the contingent payment feature associated with the 2008 divestiture of Anadarko’s 50-percent working interest in the Peregrino oil field located in the Campos Basin offshore Brazil.
In December 2008, Anadarko closed the sale of its interest in the Peregrino field to Statoil for proceeds of approximately $1.4 billion plus future consideration contingent upon commodity prices.
“Beyond the initial value realized by the Peregrino transaction, this additional $419 million payment was achieved by structuring the divestiture to capture a portion of the future value of the asset,” said Al Walker, Anadarko President and Chief Operating Officer. “The value of this contingent pricing mechanism, which significantly exceeded the amount we anticipated at the time of the transaction, was aided by both the strength of Brent oil pricing and Statoil’s operational success in bringing the Peregrino field on line.”
The Peregrino field is located 85 km offshore Brazil in water depths of around 100 metres. Production from the field started in April 2011 and should reach its plateau of 100,000 bbl/day within the first year. It is the largest field that Statoil operates outside Norway.
Offshore Energy Today Staff, December 30, 2011; Image: Statoil