QGEP Purchases Shell Stake in Santos Basin
QGEP Participacoes announced that Queiroz Galvao Exploracao e Producao S.A. ("QGEP"), a wholly owned subsidiary, has entered into a purchase and sale agreement for the acquisition of 10% of Shell Brasil Petroleo Ltda's participating interest in Block BM-S-8 located offshore in the Santos Basin. Shell currently owns a 20% working interest in the block, which is operated by Petrobras, and owned by a consortium comprised of Petrobras, Petrogal and Shell.
The transfer of Shell's participating interest to QGEP is subject to approval by the ANP.
"This farm-in agreement demonstrates our strategy of building value by investing in high quality assets that diversify and strengthen our portfolio," said Jose Augusto Fernandes Filho, QGEP's Chief Executive Officer.
Operates 30 Offshore Rigs
- Shell Looks Beyond Road Fuels to Secure Future of Refining (Nov 06)
- API Panel Member: Voluntary Methane Program Forthcoming (Oct 06)
- Eni Bets Big on Zohr Explorer Finding New Treasure (Oct 06)