Petrobras seeks to sell $2.1 billion in assets

Offshore staff

RIO DE JANEIRO – Petróleo Brasileiro S.A. (Petrobras: NYSE:PBR) plans to sell assets with a total value of $2.1 billion. Some of those assets are offshore Brazil and others are in the Gulf of Mexico.

Off Brazil, Sinochem Group will give $1.54 billion for Petrobras’ 35% interest in BC-10, known as Parque das Conchas. Shell, operator with a 50%, and ONGC, with 15%, have preemptive right, which may be exercised within a time limit. The sale also requires approval by governmental groups in both Brazil and China.

For $185 million, Petrobras would sell its stakes in GoM blocks MC613 (Coulomb), GB 244 (Cottonwood), and EW 910.

Petrobras has a 33% stake in Coulomb. The remaining 67% is held by Shell, which is the operator. This field is in the Mississippi Canyon block 613 130 km (81 mi) offshore Louisiana.

Petrobras has a 100% stake in Cottonwood field in Garden Banks block 244, 220 km (137 mi) offshore Texas.

Petrobras has a 60% stake in the EW910 asset, with the remaining 40% held by W&T Offshore, which is the operator.

The GoM transactions are subject to third party preemptive rights and approval by the Bureau of Ocean Energy Management.

8/21/2013

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