Petrobras agrees to sell 40% stake in BS-4 field to OGX for $270 million
BY JEFFREY T LEWIS
BRASILIA -- Petrobras, said it agreed to sell its 40% stake in the BS-4 oil block to independent driller OGX for $270 million. The sale is subject to approval by Brazil's National Petroleum Agency (ANP). The bloc contains two fields, known as Atlanta and Oliva, and is located 185 km off the Brazilian coast.
Petrobras has plans to divest $15 billion in non core assets to help finance the development of huge discoveries, known as pre-salt, made off the Brazilian coast in recent years.
QGEP Participacoes owns 30% of the BS-4 bloc, located in the Santos basin, and Barra Energia owns the remaining 30%.
QGEP said it expects the ANP to approve its development plan for the BS-4 block, where the company operates the Atlanta. A horizontal well at the field will be drilled in 2013, with first production from a pilot production test expected in 2014, QGEP said at the time.
Dow Jones Newswires