October 27, 2017 / 2:43 PM / a year ago

BRIEF-Statoil, ExxonMobil in Brazil asset trade after auction win

Oct 27 (Reuters) - Statoil Asa

* Reg-Statoil asa: statoil shapes and strengthens its position in the carcará oil discovery in brazil

* ‍consortium comprising statoil (operator, 40%), exxonmobil (40%) and galp (20%) presented winning bid (67.12% of profit oil) for carcará north block in santos basin​

* ‍pre-determined signature bonus to be paid by consortium is brl 3.0 billion, approximately usd 910 million. Statoil’s share is usd 364 million​

* ‍statoil, exxonmobil and galp have also agreed a number of subsequent transactions in adjacent bm-s-8 block to align equity interests across two blocks that together comprise carcará oil discovery​

* ‍aggregate total potential consideration to be received by statoil in these transactions is around usd 1.55 billion and, following licensing round, potential net cash inflow to statoil is around usd 1.19 billion​

* ‍statoil has agreed to divest 33% out of its current 66% interest in bm-s-8 to exxonmobil for a total potential consideration of around usd 1.3 billion​

* ‍upfront cash payment of around usd 800 million and a contingent cash payment of around usd 500 million​

* ‍upon future closing of its acquisition of 10% interest in bm-s-8 held by queiroz galvão exploração e produção (qgep), statoil has agreed to divest a further 3.5% to exxonmobil and 3% to galp for a total consideration of around usd 250 million, comprising an upfront cash payment of around USD 155 million and a contingent cash payment of around USD 95 million

* ‍as a result, both statoil and exxonmobil will have a 36.5% interest in bm-s-8 and a 40% interest in carcará north​

* ‍galp will have 17% in bm-s-8 and 20% in carcará north​

* ‍partners in carcará north have also agreed that statoil will be operator for unitised field development, subject to government approval​

* ‍closing of transactions with exxonmobil and galp is subject to customary conditions​ Source text for Eikon: Further company coverage: (Reporting By Terje Solsvik)

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