Petrobras Sells Stake in Gulf of Mexico

Petrobras announced that it has signed a Sale and Purchase Agreement (SPA) for the sale of the 20 percent stake the company holds in exploratory blocks KC 49, 50, 92, 93, 94 and 138 in the U.S. Gulf of Mexico. These blocks make up the asset known as Gila, and the operator is British Petroleum (BP).

Petrobras will receive $110 million for the transaction and additional equity in an exploratory block adjacent to an existing Petrobras GOM deepwater discovery Tiber.

This transaction is part of Petrobras' divestment program, outlined in the 2013-2017 Business & Management Plan, and is subject to third party preferential rights and approval by the U.S. Bureau of Ocean Energy Management (BOEM).

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