Petrobras Completes Sale of BM-S-8 Exploration Block
Today, Petrobras announced that the company has completed the sale of its stake in the exploration block BM-S-8 to Statoil Brasil Óleo e Gás LTDA, as announced on July 29, 2016.
The deal was completed with a payment of USD 1.25 billion, which represents 50% of the total sale amount, from Statoil, after complying with all previous conditions provided for in the agreement, such as the approval of the Administrative Council for Economic Defense (CADE) and the National Petroleum, Natural Gas and Biofuels Agency (ANP). The remaining amount will be paid through contingent installments related to subsequent events, such as signing of the Production Individualization Agreement (unitization).
The sale, carried out through a bidding process, forms an important part of Petrobras’ 2015-2016 Divestment Plan.
Block BM-S-8 is located in the Santos Basin and will be operated by Statoil with a 66% stake, in partnership with Petrogal Brasil S.A. (14%), Queiroz Galvão Exploração e Produção S.A. (10%) and Barra Energia do Brasil Petróleo e Gás LTDA. (10%). The exploratory prospect called Carcará was discovered in this block.
