Statoil ASA (NYSE:STO) received approval from ANP (Agência Nacional do Petróleo) for the purchase of a 25% equity in a concession in Espirito Santo basin in offshore Brazil. Recent discoveries in this concession have deemed the purchase a very lucrative one and Statoil is now ready to take a share of the rich pie that is now Brazil’s petroleum industry.
Discovery in Espirito
In April 2013, an oil discovery was made at São Bernardo where two reservoirs of oil were proven with 34-36 API. The discovery is currently in the appraisal stage but has strengthened Statoil’s faith in the potential of the basin.
"The São Bernardo discovery demonstrates that the Espírito Santo basin has an...

