Petronas makes foray into Brazil in US$850m deal

KUALA LUMPUR: Petroliam Nasional Bhd made its maiden foray into Brazil when its subsidiary purchased two blocks off Rio de Janeiro state for US$850mil (RM2.6bil).
It said on Wednesday Petronas Brasil E&P Limitada had agreed to acquire OGX Petroleo e Gas SA's (OGX) interest in two offshore blocks in Brazil's Campos Basin.
Petronas
Brasil will acquire 40% of OGX's interest respectively in Blocks
BM-C-39 and BM-C-40 which are in the shallow waters 95km offshore Rio de
Janeiro state and contain the Tubaro Martelo field which is being
developed.
“The proposed acquisition, which is at the asset
level, will mark Petronas' first entry into the exploration and
production business in the country.
“Petronas views the
acquisition as a highly attractive opportunity in terms of asset quality
and for strategic future growth in Brazil,” it said.
Bank of America Merrill Lynch
is the exclusive financial advisor while Mattos Filho, Veiga Filho,
Marrey Jr. e Quiroga Advogados is the legal advisor to Petronas on this
transaction