Statoil Strike it Rich in Offshore Brazil Field

Press Release
Monday, May 28, 2012

Statoil with operator Repsol Sinopec & partner Petrobras confirm significant potential of the pre-salt block BM-C-33 in the Campos basin offshore Brazil

The total estimated resources of the block amount to more than 700 million barrels of light crude and 3 Trillion cubic feet (Tcf) of gas. The estimate includes the Seat, Gávea and Pão de Açúcar discoveries.

“The updated volumes for the pre-salt discoveries confirm the high potential in the Campos Basin and it also strengthens our confidence in our  position in the pre-salt Kwanza basin in Angola”, says executive vice president for Exploration in Statoil, Tim Dodson.

“The development of BM-C-33, including the Pão discovery, in 2800 meters of water will represent exciting new challenges for the partnership and the industry. Statoil’s exploration strategy focuses on high impact wells and the deepening of core areas. The pre-salt success shows that we are delivering on our strategy,” says Dodson.

The high impact (a total of more than 250 million barrels of oil equivalent (boe), or 100 million boe net to Statoil)  Pão de Açúcar well, as announced earlier this year, encountered a hydrocarbon column of around 500 meters. The well is located 195 kilometers from the coast of the State of Rio de Janeiro.


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