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Petrobras Gets Approval to Acquire Anadarko Stake in Brazil

Source: Bloomberg 9/27/2012, Location: South America

Petroleo Brasileiro SA (PETR4), the world’s biggest oil producer in deep water, received approval to acquire Anadarko Petroleum Corp. (APC)’s 30 percent stake in an offshore block, the country’s oil regulator said.

Anadarko, based in The Woodlands, Texas, “relinquished” its stake in the ES-M-661 block more than six months ago and is focusing on its assets in the Campos Basin, John Christiansen, a spokesman for Anadarko, said in a telephone interview. Brazil’s oil regulator, known as ANP, didn’t provide terms of the transaction in a statement on its website.

The block is located 58 kilometers (36 miles) off the coast of Espirito Santo state where Petrobras found heavy oil in July. State-run oil producer Petrobras plans to continue exploring the block and submit an assessment plan to the ANP, it said in a July 11 statement.

Anadarko said last year it was seeking to sell its shares in Brazilian offshore blocks to help pay off debt. The company had interests in about 750,000 gross acres in six blocks off the coast of Brazil in the Campos and Espirito Santo basins, according to a U.S. regulatory filing in February.

Double Output
Petrobras and other explorers including billionaire Eike Batista’s OGX Petroleo e Gas Participacoes SA are exploring in deep waters of the Espirito Santo Basin, north of the country’s largest discoveries in the Santos Basin. Petrobras plans to more than double production to 5.7 million barrels a day in 2020, mainly from fields off the coast.

Petrobras operates the offshore concession where Anadarko relinquished its stake. IBV Brasil Petroleo Ltda., a unit of Bharat Petroleum Corp. (BPCL) and Videocon Industries Ltd (VCLF) ., has a 30 percent stake in the block. Petrobras didn’t respond to telephone calls and e-mails seeking comment. Petrobras rose 0.8 percent to 23.29 reais at the close in Sao Paulo. Anadarko gained 2.1 percent to $70.23 in New York.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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