December 4, 2018 |
Brazil's Petrobras said it has received $795m from the US oil exploration and production company Murphy Oil as part of an agreement to form a joint venture in the Gulf of Mexico.
Petrobras' US sudsidiary, Petrobras America, collected the money and now holds a 20% stake in the new venture. Murphy has 80% of the new company. The US oil company agreed to make contingent payments of up to $150m through 2025 and also invest $50m in the St. Malo field, Petrobras said in a statement.
Murphy had agreed
Brazil's state-owned energy company receives $750m and a 20% stake in the new E&P venture in the Gulf of Mexico