July 6, 2011
Queiroz Galvao Exploracao e Producao has agreed to buy a 10% stake in Shell
Queiroz Galvao Exploracao e Producao has agreed to buy a 10% stake in Shell Brasil Petroleo’s participating interest in Block BM-S-8, located offshore in the Santos Basin, for $175m. Shell owns a 20% working interest in the blcok, operated by Petrobras. According to CEO Jose Augusto Fernandes Filho, Queiroz will fund the acquisition using cash on hand. Queiroz is still looking for other acquisition opportunities, Fernandes says.