Statoil ASA, Norway’s largest oil and natural gas company, agreed to sell a 40 percent stake in the Brazilian offshore Peregrino field to China’s Sinochem Group for $3.07 billion in cash.

The companies also agreed to jointly seek more opportunities in Brazil and elsewhere, Statoil Chief Executive Officer Helge Lund said today. “Both companies see many opportunities for value creation through increased recovery and exploration for additional resources in the decades to come.”

The Norwegian company said last year it was considering cutting its stake in Peregrino to reduce risk and raise funds to develop other projects. Chinese state-owned companies, including PetroChina Co., last year spent a record $32 billion on energy and mining acquisitions to meet rising resources demand in the world’s fastest-growing major economy.

Cnooc Ltd., China’s biggest offshore energy explorer, was also in the bidding process for the stake estimated to cost as much as $3 billion, people with knowledge of the process said on April 15. Sinochem, China’s biggest chemicals trader, last year agreed to buy Emerald Energy Plc to boost revenue from oil and gas operations by tapping wells in Syria and Colombia.

“This transaction will significantly increase Sinochem’s interests in the exploration and production business and consolidate our position as one of the leading global players in the oil and chemicals business,” Han Gensheng, president of Sinochem Corp., said in a statement. The company made its first oil and gas investment in 2003 and operates 12 such projects in the Middle East, Latin American and Asia, according to the statement.

‘Profited Well’

“Statoil has profited well,” said Trond Omdal, an analyst at Arctic Securities with a “buy” rating on the shares. The price works out to about $15.4 a barrel, compared with the $7.2 a barrel Statoil paid when it took full control in 2008, he said.

Statoil’s shares gained 0.9 kroner, or 0.7 percent, to close at 127.3 kroner on the Oslo exchange after earlier falling as much as3.5 percent.

The Stavanger-based company, which has operations in 40 countries, took control of the field in March 2008 after buying the remaining 50 percent from Anadarko Petroleum Corp. The field, 85 kilometers (53 miles) offshore Rio de Janeiro, has an estimated 460 million barrels of recoverable oil, spokeswoman Mari Dotterud said on Oct. 20.

‘Better Than Fair’

“The price looks very strong actually, it’s better than fair,” Oswald Clint, an analyst at Sanford C. Bernstein who has a “market perform” rating on Statoil shares, said by phone from London. “This was signaled for some time.”

Statoil will keep 60 percent ownership and remain the operator of the field, which is set to start production in early 2011. Brazil will continue to form a “key part” of the company’s international strategy, and Statoil will explore further opportunities in the region, it said.

This stake sale will reduce Statoil’s equity production guiding for 2012 by 40,000 barrels of oil equivalent a day to 2.06 million to 2.16 million, the company said. Equity output was 1.962 million barrels of oil equivalent a day in 2009, while booked reserves of oil and gas totaled 5.4 billion barrels.

The transaction is subject to government approvals in Brazil and China.

–With assistance by William Bi in Beijing, Editors: Jonas Bergman, Raj Rajendran

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ABUJA — Nigeria and a Chinese state firm have signed a 23 billion dollar deal to build three refineries and a petrochemical complex in one of Africa’s biggest tie ups with China, officials said Friday.

Nigerian National Petroleum Corporation (NNPC) and China State Construction Engineering Corporation Limited (CSCEC) sealed the deal in Abuja on Thursday, an official statement said.

China is already the number one investor in Africa — ranging from oil in Algeria to mines in Zambia — and a senior NNPC official told AFP the new deal might be the biggest that China has made in the continent.

Nigeria is in turn Africa’s leading oil producer, but it has for more than a decade been importing refined petroleum products to meet local demand.

The two corporations will jointly seek financing and credits from the China Export & Credit Insurance Corporation and a consortium of Chinese banks for the projects in Nigeria, the NNPC statement said.

“NNPC aims to accelerate the construction of new refineries in Nigeria to stem the flood of imported refined products into the country, currently estimated at 10 billion dollars,” the statement said.

CSCEC wants to “expand its presence on the African continent and establish its footprint firmly in the Nigerian oil and gas landscape,” it added.

The new refineries are expected to add some 750,000 barrels per day capacity in Nigeria and position NNPC in the international trading of refined petroleum products, it said.

Nigeria’s four refineries — with total capacity of 445,000 barrels per day — are using less than 30 percent of their installed capacity, according to official figures. Corruption and poor maintenance have undermined their performance.

“We are very excited about the deal. We thought it is the biggest ever in Africa, although I do not have the details yet,” said the NNPC official who demanded anonymity.

President Goodluck Jonathan arrived Friday in Nigeria’s oil capital of Port Harcourt for an official visit to inaugurate gas and oil projects.

The construction of the new refineries “will reinforce the ongoing oil and gas reforms in Nigeria”, as envisaged in legislation which has been before the Nigerian parliament for almost a year and imminent deregulation of the downstream sector the country’s oil industry, the NNPC statement said.

Anglo-Dutch oil group Shell in February criticised the bill, saying mistakes in it, if passed into law, will take years to correct.

Shell’s vice president for Africa Ann Pickard has warned that the country could lose 50 billion dollars in investment in the next decade if the bill was passed in its current form.

Jonathan has promised to pursue government reforms of the oil sector to make it profitable and end corruption.

His nascent administration recently sacked some key oil industry officials and redeployed others as part of the promised reform.

He has promised to give new impetus to an unconditional amnesty granted last year to thousands of ex-militants in oil-rich Niger Delta in order to bring peace to the region.

The training of more than 20,000 militants who surrendered their arms under the amnest deal begins next month, officials said.

The president of the Lagos Chamber of Commerce and Industry, Olufemi Deru, told AFP the establishment of the new refineries in Nigeria “will provide jobs for thousands of Nigerians and give them technical knowledge.”

“It will save the country millions of dollars spent on importation of refined petroleum products as well as give the country a sense of national pride that Nigeria produces and refines its oil locally,” he stated.

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