Photo: Brazilian Oil Giant Petrobras Sells Stake in Gulf of Mexico Exploratory Blocks
Brazilian state-controlled oil giant Petrobras said it has sold its 20 percent stake in six exploratory blocks in the U.S. Gulf of Mexico.
In a regulatory filing, Petrobras said it signed a sale and purchase agreement for the divestment of its stake in the KC 49, 50, 92, 93, 94 and 138 blocks that make up the Gila asset, in which BP Plc is the operator.
Petrobras will receive $110 million in the transaction and additional equity in an exploratory block adjacent to the Tiber field, where the Brazilian company is already present and has discovered reserves.
“This transaction is part of Petrobras’ divestment program, outlined in the 2013-2017 Business & Management Plan, and is subject to third party preferential rights and approval by the U.S. Bureau of Ocean Energy Management,” Tuesday’s filing said.