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(Image courtesy of Statoil)

Statoil has received approval from Brazil’s regulators to acquire a stake in an offshore concession from Vale, the Norwegian company said in a statement.

Th approval allows Statoil to acquire 25 percent of the BM-ES-22A concession, which contains two blocks in the Espírito Santo basin offshore Brazil.

The location of the concession is near several other blocks where Statoil already operates.

The BM-ES-22A block is operate by Petrobras, which holds the remaining 75 percent.