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Petrobras Sells Stake in BS-4 Block

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Petrobras has sold 40 percent of its interest in the BS-4's Concession, located in the Santos Basin, which includes Atlanta and Oliva fields, to OGX Petróleo e Gás Participações S.A.

The two companies have executed a Farmout Agreement and Petrobras will receive a total of $270 million for the operation.

The deal is subject to approval by the National Petroleum, Natural Gas and Biofuels Agency (ANP).

Queiroz Galvão Exploração e Produção S.A. will remain as the operator for the concession, with a 30 percent interest, and Barra Energia do Brasil Petróleo e Gás Ltda. will also uphold its 30 percent interest.

This is the first asset sale under Petrobras divestment program, which is part of the 2012-2016 Business and Management Plan.

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