Thursday, December 14, 2017

Statoil Confident About Offshore Brazil Deal

Posted by April 18, 2017

File Image: a typical Statoil offshore installation (CREDIT: Statoil)

Norway's Statoil (STO) is confident that its deal with Petróleo Brasileiro SA to acquire a stake in exploration block BM-S-8 offshore Brazil will eventually go ahead despite a court suspension, a spokesman said on Tuesday.
"We are confident that he deal will go ahead... We are considering various legal options, but we are confident that we have a strong case," Statoil's spokesman Erik Haaland said.

A Brazilian court has ordered the state-controlled company, known as Petrobras, to suspend the sale of its stake in the block to Statoil after a union argued there should have been an open bidding process.


Reporting by Nerijus Adomaitis 

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