Statoil do Brasil Ltda., a subsidiary of Norway's Statoil ASA, is engaged in the exploration and production of oil and gas. The company was founded in 2001 and is based in Rio de Janeiro, Brazil. After four years in production, its Peregrino field in the Campos basin offshore Brazil passed the milestone of 100Mb of oil produced since April 2011. Peregrino, jointly owned by Statoil and China's Sinochem, is the largest field operated by Statoil outside Norway and accounts for about 12% of its international production (total of around 720,000b/d). The recoverable reserves are estimated at 300-600Mb. In January 2015, the development plan of Peregrino phase II was submitted to local sector regulator ANP. With total estimated investment of US$3.5bn, the project involves a new drilling platform and will add about 250Mb in recoverable reserves.