On 18 December 2017, Petrobras issued a press release indicating it signed the formal documents for the Strategic Alliance Agreement (SAA) with Statoil that also included a sale and purchase agreement (SPA) for 25% working interest in the Roncador production concession.Â  The total transaction value for the 25% Roncador working interest is USD 2.9 billion, USD 2.35 billion when the deal is finalized and formally approved and USD 550 million in contingent payments for future development activity that will increase the recovery factor in the field.Â  The contingent payments include an additional Petrobras carry of 25% working interest whereby Statoil will pay 50% of the costs of new projects up to the USD 550 million amount.Â  Afterwards the company will pay its proportionate share of 25%.Â  Petrobras has 100% working interest in the Roncador production concession awarded to the company through Round 0 on 6 August 1998.Â  With conclusion of the transaction Petrobras will remain the operator with 75% working interest and Statoil will have 25% working interest.Â  The transaction has a closing date of 1 January 2018 but will also be pending formal governmental approvals. Â  In 2017, the Roncador field produced an average of 246 Mbo/d, 220 MMcfg/d, and 129 Mbw/d.Â  Petrobras has only drilled about four development wells and two exploration wells in the block during the last two years.Â  The company had its field development plan modified in 2014. Â Petrobras reported that the Roncador field has an estimated 10 Bboe in place reserves (OHIP), and that its estimated remaining recoverable reserves are above 1 Bboe.Â  The aim of the SAA is to increase the recovery factor by a minimum of 5% in order to increase the recoverable volumes by 500 MMboe. The SAA also included a âGas Term Sheetâ which gives Statoil the option to contract a determined volume of gas to be processed through the TECAB gas processing facility in Cabiunas for gas volumes from the BM-C-033 contract, Pao de Acucar discovery where both companies are partners.Â  Petrobras reported in September 2016 with the release of its five year business plan that it may sell some working interest in its legacy Campos Basin fields.Â  This is the first significant transaction in that regard. In 2014, the ANP approved and modified the development plans for the Roncador production concession presented by Petrobras that included the drilling of a number of appraisal, production and injection wells.Â  On 3 September 2015 the ANP issued a resolution regarding the new production scenario for the Roncador field and the conditions for the formal approval of the modified 2014 development plans.Â  The company will have to present a new revised development plan to the agency by 28 February 2016. The ANP approved the revised plans and granted several modifications that included extensions to drill a number of wells in the plans.Â  One of the extensions was for the drilling of the 3-RO-079D-RJS (3-BRSA-1314D-RJS) directional outpost that was to have occurred in 2014 but was spudded on 3 August 2015 and is targeting the deeper Quissama Formation.Â  The operator has extensions to drill another six development wells in the fields, several being injectors. Oil recovery through water injection from Modules 3 and 4 through the FPSOs P-55 and P-62 have not reacted according to plan and has been modified. The agency also requires the company to re-connect the wells formerly producing through the FPSO Brasil that was decommissioned in early 2014. At one point the unit was connected to eight wells.Â  In 2014 that number was only four wells.Â   In July 2015, there were four producing production units in the Roncador Field, the FPS P-52, FPSO P-54, FPS P-55, and FPSO P62.Â  Despite the production problems with modules 3 and 4, the Roncador field was the highest producing oil field in Brazil during July 2015. The field averaged producing 371 Mbo/d, 105,000 b/d of water, and 280 MMcfg/d. The 180 Mbo/d capacity FPS P-52 is producing through 17 wells at the rate of 143 Mbo/d and 50 Mb/d water.Â  The 180 Mbo/d capacity FPSO P-54 is producing through 13 wells 74,357 bo/d and 50 Mb/d water.Â  The 180 Mbo/d capacity FPS P-55 is producing through nine wells at the rate of 85,628 bo/d and 398 b/d of water. The 180 Mbo/d capacity FPSO P-62 is producing through 11 wells at the rate of 68,195 bo/d and 827 b/d water. Petrobras has only drilled two development wells in the field in 2015, one the 7-RO-158HP-RJS produced 24,293 bo/d in July with no water making it one of the 30 highest producing wells in Brazil.Â  It was connected to the FPS P-55 in mid-2015. The company concluded a study of the reservoir compartmentalization problem in the field with French consulting firm BeicipFranlab to evaluate the reservoir thoroughly with the aim of better targeting and maximizing recovery with the locations of its production and injection wells.Â  Even with another five to six development wells the FPS P-55 and FPSO P-62 will likely not reach capacity production in the near future.Â  Originally maximum production of 150,000 bo/d for each unit was projected to occur within two years of startup. Â  Â 
Brazil (East Campos Sub-basin (Campos B.)) Roncador