Brazil regulator OKs transfer of Anadarko offshore stake to Petrobras

9/28/2012

Brazil regulator OKs transfer of Anadarko offshore stake to Petrobras

BY JEFF FICK

RIO DE JANEIRO -- ANP has approved the transfer of a stake in an offshore exploration block held by Anadarko to state run energy giant Petrobras.

ANP directors approved the transaction at a board meeting last week. Anadarko said that it had relinquished its interest in the block approximately six months ago. Petrobras didn't immediately respond to requests for comment.

Anadarko ceded its 30% stake in the ES M 661 block to Petrobras, which operates the offshore exploration area with a 40% stake, according to minutes of the meeting. Closely held firm IBV holds the remaining 30%. Anadarko, however, retained its interest in the ES M 588 and ES M 663 blocks located that make up part of the broader BM ES 24 concession, the minutes showed.

In July, Petrobras said that it discovered a reservoir of heavy oil in the Grana Padano well drilled in the block. The well was drilled 64 km from Petrobras's Golfinho field, located in the offshore Espirito Santo Basin.

Dow Jones Newswires

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