The companies said that Petrobras would sell Total a 22.5 percent stake in the BMS-11 block and a 35 percent operating interest in the BMS-9 block for $2.2 billion
SAO PAULO Ė Brazilian state oil company Petrobras agreed on Wednesday to sell upstream and downstream assets to French supermajor Total for $2.2 billion, including stakes in offshore ďpre-saltĒ oil blocks.
The companies said in a joint statement that Petrobras would sell Total a 22.5 percent stake in the BMS-11 block and a 35 percent operating interest in the BMS-9 block. BMS-11 includes the Iara fields that are currently under development, while BMS-9 includes the Lapa field, where production recently began.
Those transactions will leave Petrobras with 42.5 percent and 10 percent stakes in BMS-11 and BMS-9, respectively.
Both of those blocks are located in the Santos basinís pre-salt section, so-named because its massive reserves of high-quality light oil are located under water, rocks and a shifting layer of salt at depths of up to 7,000 meters (22,950 feet) below the surface of the Atlantic.
Under the terms of the agreement, Petrobras also will have the option of acquiring a 20 percent stake in a block that is located in Mexican waters of the Gulf of Mexico and is jointly owned by Total and ExxonMobil.
The statement also said Total would partner with Petrobras in two co-generation power plants in the northeastern Brazilian state of Bahia and acquire from the Brazilian state oil company some regasification capacity in the Bahia LNG terminal.
The agreement is part of a divestment program Petrobras launched to reduce a large debt burden.
Petrobras has been hit by the sharp drop in global oil prices and a massive bribes-for-inflated contracts scheme that has implicated former company directors, politicians and high-ranking executives of some of Brazilís largest construction and engineering companies.