Equinor and partners fully align interests in the Carcará oil discovery in Brazil

Source: press release, 19 June 2019

CEO Renato Bertani (left), Barra Energia, and Anders Opedal, Equinor Brazil country manager, agreement signing in July 2018
CEO Renato Bertani (left), Barra Energia, and Anders Opedal, Equinor Brazil country manager, agreement signing in July 2018 (photo: Guilherme Botelho/Equinor)

Equinor and Barra Energia have completed their transaction announced on 4 July 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 USD 379 million.

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

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

Following Equinor’s closing transaction with Barra, the BM-S-8 partnership was Equinor, 46.5% (operator); ExxonMobil, 36.5%; and Galp, 17%. After completing further transactions with ExxonMobil and Galp, the BM-S-8 fully aligned partnership is Equinor, 40% (operator); ExxonMobil, 40%; and Galp, 20%.