Statoil bets big on Brazilian oil

Statoil has great ambitions for Brazil where the company has now bought a bigger stake in field Caraca. In the long term, Statoil wants to achieve a daily output of around 700,000 barrels per day in Brazil, reports Dagens Næringsliv.

Photo: Ricardo Stuckert/AP/Polfoto/Arkiv

Norwegian oil major Statoil wants to increase its production in Brazil big-time in the coming decade, reports Dagens Næringsliv.

The news comes after Statoil has acquired another ten percent of a discovery named Caraca. The company now owns 76 percent of the field after having bought out Brazilian oil major Petrobras for NOK 2.5 billion (USD 305.8 million) last year.

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