General Interest

Statoil acquires full interest in deepwater block off Brazil

April 19, 2004

Statoil ASA has acquired a further 70% share in deepwater Block BM-ES-11 off Brazil. Statoil, now operator of the license area, had secured 30% interest in this block in 2002.

By OGJ editors
HOUSTON, Apr. 19 -- Statoil ASA has acquired a further 70% share in deepwater Block BM-ES-11 off Brazil. Statoil, now operator of the license area, had secured 30% interest in this block in 2002.

Statoil holds interests in four Brazilian offshore license areas and said it wants to extend its level of activity in the South American country.

Block BM-ES-11 is in Espirito Santo basin about 200 km offshore. The area lies in 1,100-1,900 m of water.

Statoil said it is evaluating seismic to assess what to do next in the license.