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Petrobras announces sale of interest in BS-4 block

Tuesday, Nov 27, 2012

Petrobras has sold 40% of its interest in the BS-4’s Concession, located in the Santos Basin, which includes Atlanta and Oliva fields, to OGX Petróleo e Gás Participações S.A.

The two companies have executed a Farmout Agreement and Petrobras will receive a total of US$ 270 million for the operation.

The deal is subject to approval by the National Petroleum, Natural Gas and Biofuels Agency (ANP).

Queiroz Galvão Exploração e Produção S.A. will remain as the operator for the concession, with a 30% interest, and Barra Energia do Brasil Petróleo e Gás Ltda. will also uphold its 30% interest.

This is the first asset sale under Petrobras divestment program, which is part of the 2012-2016 Business and Management Plan.

Source: Petrobras

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