- Statoil (STO +0.1%) says it will expand its operations in Brazil by entering a second phase of exploration at the Peregrino offshore oilfield, adding ~250M barrels of recoverable reserves.
- The next phase of exploring at STO's largest non-Norwegian offshore operation, which is expected to include the drilling of 22 new wells, will be done with Chinese partner Sinochem.
- STO is pushing ahead even as Norwegian oil experts warn that oil prices will need to rise to $70-$80/bbl for the company to profit off the BM-S-8 site.