June 3, 2010 — Vinson & Elkins represented long-standing client Statoil ASA, Norway’s largest oil and natural gas company, on the sale of a 40 percent share in the Peregrino oil field to Chinese state-owned oil company Sinochem Group. Sinochem Group will pay US$3.07 billion in cash for the 40 percent share of the field, which is located in the Campos basin offshore Brazil.

The V&E team representing Statoil ASA is led by London office Managing Partner Alex Msimang, with assistance from London lawyers Kevin Atkins, Anna Chard, and Dmitri Tchernenko. Boyd Carano, a partner in V&E’s Palo Alto office, and Roxanne Almaraz, handled the U.S. side of the transaction.

Commenting on the deal Alex Msimang stated, “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 that growth.”

The transaction is subject to government approvals in Brazil and China. The consideration is based on an effective date of January 1, 2010 and is subject to customary adjustments.

If you have any questions or would like more information, please contact V&E director of communications Mark Curriden at +1.214.220.7879 or mcurriden@velaw.com.