Drilling & production - 16 May 2016

Petrobras has reported that its Board of Directors have approved the sale of its entire 67.19% stake in Petrobras Argentina (PESA).

Statoil has announced it has entered a binding letter agreement into two exploration licenses in the Thrace region in the European north-western part of Turkey.

The company has now completed the second static profile referred to in its March 2016 announcement.

The AAL-4X appraisal well is targeting the G Sand reservoir which is estimated to contain 289 million bbls.

BP's acquisition of interests from JX Nippon increases BP's interest in the development to 32% .