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Petronas confirms deal to buy interest in 2 offshore Brazil blocks

BY ABHRAJIT GANGOPADHYAY

KUALA LUMPUR -- Petronas said it has agreed to buy 40% interest in two offshore blocks in Brazil from OGX for a total $850 million.

The announcement confirms recent speculation on Petronas' s likely purchase of OGX' s interest in the two offshore blocks in Brazil' s Campos Basin.

The acquisition will allow Petronas to tap into Brazil' s rich hydrocarbon reserve for the first time. Brazil is estimated to hold oil reserves at about 145 bbl, Petronas said.

The proposed purchase underscores Petronas' s growing ambition to secure energy assets overseas as local demand is poised to outstrip supply in a few years and output from some of its maturing wells are dwindling.

Last year, Petronas bought Progress Energy for $5.16 billion.

Dow Jones Newswires

05/07/2013

 

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