KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) will buy two offshore blocks for US$850 million (RM2.6 billion) with oil and gas (O&G) reserves in Brazil’s Campos Basin.
The acquisition marks its maiden entry into the exploration and production business in Brazil, one of the world’s top holders of hydrocarbon reserves, with about 145 billion barrels of oil reserves.
The acquisition was a highly attractive opportunity in terms of asset quality and for strategic future growth in Brazil, the national oil corporation said in a statement.
Petronas through its subsidiary, Petronas Brasil (Rpt Brasil), will acquire 40 per cent of OGX’s interests in two blocks which are – Blocks BM-C-39 and BM-C-40 – located in the shallow waters, 95km offshore Rio de Janeiro State, where the Tubarao Martelo Field is being developed.
OGX is a Brazilian private oil and gas company belonging to the EBX Group. The completion of the transaction was conditional upon relevant regulatory approvals, it said. — Bernama