Equinor closes Carcara deal in Brazil

Norwegian oil and gas company Equinor and its partners have fully aligned their interests in the Carcará oil discovery, which is located offshore Brazil.

Equinor and Barra Energia have completed their transaction announced on July 4, 2018, whereby Equinor has acquired Barra’s 10% interest in the BM-S-8 block in Brazil’s Santos basin for a total consideration of $379 million.

Upon the completion of this transaction, Equinor, ExxonMobil, and Galp have also completed the two further transactions previously announced on July 4 on terms equivalent to those for the Barra transaction.

Namely, in early June 2018, Equinor, ExxonMobil, and Galp completed transactions in BM-S-8 to start aligning equity interests with those the three partners hold in the adjacent Carcará North block.

BM-S-8 and Carcará North together comprise the Carcará 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.

In addition, Equinor said last year that, after buying Barra’s 10% interest, it intended to sell down 3.5% to ExxonMobil and 3% to Galp.

As a result, Equinor’s and its partners’ interests across the two licenses for the Carcará area are now fully aligned.

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