Norway’s Statoil has taken a stake in another deepwater Brazilian asset, with the National Petroleum Agency (ANP) giving it the thumbs up to finalise a deal allowing it to enter the Sao Bernado oil discovery in the Espirito Santo basin.

Statoil is acquiring 25% in the BM-ES-22A concession area in a deal with Vale SA. Vale, primarily a mining company with interests in energy and steel, signaled the deal with Statoil as long ago as December 2012, saying it had agreed to sell its 25% equity in the concession to Statoil for US $40 million. That effectively exempted Vale from US $80 million of further spending through until the end of 2013.

San Bernardo was discovered in April 2013, with two reservoir levels containing 34-36º API oil proven by the discovery well. Now the find is undergoing further appraisal by drilling of the Montanhês prospect, according to Statoil, which said the original find underpinned its belief in the basin’s prospectivity.

“The São Bernardo discovery demonstrates that the Espírito Santo basin has an exciting oil potential and further confirms the established and new geological play model in the basin,” said Statoil’s Tim Dodson, executive vice president for exploration. Dodson says Statoil’s strategy in entering BM-ES-22A area was based on results of drilling on the adjacent deepwater Indra discovery made in 2010.

Two years later in 2012, Indra was subjected to further appraisal with the Arjuna well, which proved an extension into BM-ES-22A from adjacent block BM-ES-32 and found a 200 m (656 ft) oil column. Subsequent testing confirmed the presence of a good quality reservoir with 29 degrees API oil.

“With these discoveries and the 11th licensing round awards last year, Statoil has further deepened its position in this emerging oil play as we indicated at our capital market update in February. We are very well positioned for the upside,” Dodson added.

Petrobras operates the BM ES 22A concession which covers two offshore blocks, ES-M-468 and ES-M-527. The acreage lies in the outer Espírito Santo basin, and part of the area is adjacent to the BM-ES-32 area where Statoil is one of the partners.

Future work includes an appraisal well on São Bernardo – this was approved by the ANP in January. Statoil is also preparing to acquire 3-D seismic data starting within the next three months over blocks awarded in the country’s 11th licensing round last year.