OREANDA-NEWS. December 26, 2013. Recently, the BM-C-47 block jointly developed by Sinochem and Statoil under Peregrino Project in Campos Basin has found new commerciality. Sinochem holds 40% interest in Peregrino Project as partner, while Statoil holds 60% interest of the project as operator.

Peregrino Project is comprised by BM-C-47 block, which consists of C-M-529 and C-M-530 sub-blocks, and BM-C-7 block.

The area retained within BM-C-47 block is considered commercial and will be developed as part of the Peregrino Phase II project. The new discovery, which substantially enhances the overall value of Peregrino Project, will promote the stable operation of Peregrino Project in the long run and lay down a solid basis for Sinochem’s oil and gas expedition in Brazil.