Petrobras buys out Total in offshore blocks

Petrobras buys out Total in offshore blocks

Corporate & Sovereign Strategy Debt Equity M&A Energy Economy & Policy Brazil Latin America Gas

Brazil's Petrobras said Monday that it agreed to acquire the holdings of French oil company Total in five deep-water blocks around 120km from the coast of the northern state of Amapá. Total held 40% of the consortium that won the exploration and production (E&P) concessions in 2013, while Petrobras and BP each owned 30%. The French company notified Petrobras and BP of its intention to leave the consortium in August, according to a press release from the company in early September. The consor

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