Statoil ASA will sell 40% of the Peregrino field offshore Brazil to Sinochem Group. Statoil maintains 60% ownership and the operatorship of the field which is set to start production in early 2011. Sinochem Group will pay a total of USD 3,070 million in cash for the 40% share of the Peregrino field, located in the Campos basin offshore Brazil. The transaction is subject to government approvals in Brazil and China. The consideration is based on an effective date of 1 January 2010 and subject to customary adjustments. The divestment of a 40% share of Peregrino will reduce Statoil’s equity production guiding for 2012 by 40,000boepd to a range of 2,060 000 – 2,160 000boepd. The Peregrino field is located 85km offshore Brazil in the Campos basin at about 100m of water depth in BMC-7 and BMC-47. The first phase of the development includes two drilling- and wellhead platforms and a ship-shaped floating production, storage and offload unit.