Brazil’s state-controlled oil company Petrobras announces that today it has signed sale of its 100% shareholding in the wholly owned subsidiary Petrobras Energia Peru (PEP) to China National Petroleum Corporation – CNPC for $2.6 billion.
The assets included in the transaction are: 100% stake in Block X, a mature field that has been in operation since 1912 and produced 16,000 boed in 2012; 46.16% stake in Block 57, a pre-operational natural gas and condensate field; and 100% stake in Block 58, an exploratory block next to Block 57 where recently significant discoveries of natural gas and condensate have been made.
Completion of the transaction is subject to the usual conditions, including the approval of the Chinese and Peruvian governments, as well as compliance with the procedures set out in the respective Joint Operating Agreement (JOA), where applicable.
This transaction represents another important step for Petrobras’ Divestment Program (Prodesin) set out in the 2013-2017 Business and Management Plan, in order to raise cash for exploration and development of offshore oil fields in Brazil.
November 13, 2013