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."
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
X-odus: Why Germany’s Federal Court of Justice and Others Are Leaving X
Mexican Lawyers On Speed-Dial as Trump Floats ‘Day One’ Tariffs
Threat of Trump Tariffs Is Sign Canada Needs to Wean Off Reliance on Trade with U.S., Trade Lawyers Say
5 minute read
Trending Stories
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
