Vinson and Baker Botts take lead roles on $3.1bn oilfield stake sale
US duo Vinson & Elkins and Baker Botts have taken the lead roles on Statoil's $3.1bn (£2.1bn) sale of a 40% share in a Brazilian oilfield to Sinochem. China's Sinochem won a contested auction to buy the stake in the Peregrino oilfield, located offshore to Rio de Janeiro in the Campos basin.
June 01, 2010 at 12:51 AM
2 minute read
US duo land roles on $3.1bn sale of 40% Statoil share in oilfield
US duo Vinson & Elkins and Baker Botts have taken the lead roles on Statoil's $3.1bn (£2.1bn) sale of a 40% share in a Brazilian oilfield to Sinochem.
China's Sinochem won a contested auction to buy the stake in the Peregrino oilfield, located offshore to Rio de Janeiro in the Campos basin.
The deal, which represents one of the first sizeable investments by a Chinese company into Brazil, comes as Chinese energy companies increasingly target South American assets. The auction reportedly involved a number of China's largest energy conglomerates.
Statoil, Norway's largest oil and natural gas company, turned to long-term adviser Vinson, with London managing partner and energy projects lawyer Alex Msimang heading up the firm's team with support from London-based associates Kevin Atkins and Anna Chard. Palo Alto-based energy partner Boyd Carano handled US matters.
Statoil bought a 50% stake in Peregrino in 2008 for $1.8bn (£1.2bn) from Anadarko Petroleum. The company will work with Sinochem to explore further opportunities in Brazil and elsewhere in the region.
Baker Botts advised Sinochem, with London-based energy projects special counsel Hamish McArdle leading the team for the US firm. Support was provided by London-based associate Chevonese Lindo and Hong Kong associate Laure Cochet. Global projects partner Libin Zhang headed up the firm's team in Beijing.
Msimang commented: "This is one of the most important international upstream deals in the market so far this year. We have been seeing very strong growth in our oil and gas transactional practice, and this is a perfect example of the kind of high value, cross-border energy deal that is driving growth."
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