Discovered in the 1990s, the Roncador is claimed to be the largest discovery offshore Brazil and the third largest producing field in Petrobras’ portfolio.

The field is estimated to have about 10 billion barrels of oil equivalent (boe) in place and an expected remaining recoverable volume of more than 1 billion boe.

The deal is expected to triple Statoil’s production capacity in the country to around 110,000 boe per day from around 40,000 boe per day.

However, Petrobras will retain operatorship of the field with 75% interest upon completion of the deal.

Statoil said that the field’s recovery factor is planned to be increased by at least 5% points to bring the total remaining recoverable volumes to more than 1,500 million boe.

Statoil president and CEO Eldar Sætre said: “This transaction adds material and attractive long-term production to our international portfolio, further strengthening the position of Brazil as a core area for Statoil.

“We are also pleased to advance our strategic partnership with Petrobras by expanding our technical collaboration, sharing technology, competence and experience to increase oil and gas recovery.”

The transaction is subject to certain conditions, including government approval.

Petrobras CEO Pedro Parente said: "Strategic partnerships are an important part of our business plan and Statoil's knowledge and experience in increasing the level of oil recovery in mature fields will add value not only to our joint operations in Roncador, but to other mature fields in the Campos Basin, with huge potential to positively impact future production in the area.”

Additionally, Statoil and Petrobras agreed to extend and increase production from the field using Statoil’s experience in improved oil recovery and Petrobras’ deep-water and pre-salt expertise.

Image: The P-54 FPSO located at the Roncador Field offshore Brazil. Photo: courtesy of Geraldo Falcão/ Statoil ASA.