Statoil pays $2.5 billion to move deeper into Brazil

July 29, 2016 11:22 AM

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Statoil pays $2.5 billion to move deeper into Brazil

Coming off a weak second quarter, Norwegian major grabs assets in lucrative oil basin.

STAVANGER, Norway, July 29 (UPI) -- After a dismal earnings report, Norwegian energy company Statoil said it secured a stake in an oil basin off the coast of Brazil from the nation's oil company.

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