|
|
|
|
Search: 
Latin American Herald Tribune
Venezuela Overview
Venezuelan Embassies & Consulates Around The World
Sites/Blogs about Venezuela
Venezuelan Newspapers
Facts about Venezuela
Venezuela Tourism
Embassies in Caracas

Colombia Overview
Colombian Embassies & Consulates Around the World
Government Links
Embassies in Bogota
Media
Sites/Blogs about Colombia
Educational Institutions

Stocks

Commodities
Crude Oil
US Gasoline Prices
Natural Gas
Gold
Silver
Copper

Euro
UK Pound
Australia Dollar
Canada Dollar
Brazil Real
Mexico Peso
India Rupee

Antigua & Barbuda
Aruba
Barbados
Cayman Islands
Cuba
Curacao
Dominica

Grenada
Haiti
Jamaica
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines

Belize
Costa Rica
El Salvador
Honduras
Nicaragua
Panama

Bahamas
Bermuda
Mexico

Argentina
Brazil
Chile
Guyana
Paraguay
Peru
Uruguay

What's New at LAHT?
Follow Us On Facebook
Follow Us On Twitter
Most Viewed on the Web
Popular on Twitter
Receive Our Daily Headlines


  HOME | Brazil (Click here for more)

Brazilís Petrobras Sells Stakes in Offshore Blocks to Total
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.

 

Enter your email address to subscribe to free headlines (and great cartoons so every email has a happy ending!) from the Latin American Herald Tribune:

 

Copyright Latin American Herald Tribune - 2005-2015 © All rights reserved