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OGX Agrees To Buy Petrobras' 40% Stake In BS-4 Block For $270 Mln

11/26/2012 11:17 PM ET

Brazilian oil and natural gas explorer OGX Petróleo e Gás Participações S.A.(OGXPY.PK) Monday announced an agreement with Petrobras Energia Participaciones SA (PZE: Quote) to acquire a 40 percent participating interest in Block BS-4, located in the Santos Basin for $270 million.

The remaining concession rights for Block BS-4 belong to a consortium formed by Queiroz Galvão Exploração e Produção SA and Barra Energia do Brasil Petróleo e Gás Ltda.

Queiroz holds the operatorship and a 30 percent participating interest and Barra holds another 30 percent participating interest. These stakes remain unchanged.

The BS-4 block encompasses two post-salt oil fields known as Atlanta and Oliva. The fields are located 185 kilometers off the Brazilian coast at a water depth of around 1,500 meters, having oil quality from 14º to 16º API.

The purchase and sale is subject to the approval of National Petroleum, Natural Gas and Biofuels Agency.

Luiz Carneiro, CEO of OGX, "We are very pleased with this acquisition, which demonstrates that OGX is aware of business opportunities in Brazil that can contribute to the growth of our portfolio."

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by RTT Staff Writer

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