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Statoil Gets Go-Ahead For Lucrative Espirito Santo Stake

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Hira Shahnawaz Akhtar
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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...

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Hira is a financial analyst whose expertise lies in commodity and other financial markets. Hira is currently an independent financial consultant and is working with many international firms like American Arab Solutions (AAS). She has previously served as a Senior Research Analyst at Alternate Research (Pvt.) Ltd. as the Team Leader for the International Equities Research. She has also worked as an equities analyst of Pakistani E&P stocks at Invest Capital Markets. She has experience in business development and conducting feasibility studies in commodity markets, specifically in sugar, palm oil and canola oilseeds. She has cleared all three levels of her CFA (Chartered Financial Analyst) and has an undergraduate degree in Finance.