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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

11/26/2012

 

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