Petrobras creates JV with Murphy

Petrobras creates JV with Murphy

Corporate & Sovereign Strategy M&A Energy Gas Brazil US

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

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