Brazil's Petrobras Says Partnership With France's Total Worth $2.2 Billion
December 21 2016 - 5:34PM
Dow Jones News
By Jeffrey T. Lewis
SÃO PAULO -- Brazilian oil company Petróleo Brasileiro SA said
Wednesday its strategic alliance agreement with France's Total SA,
which will include some asset sales and joint investments, will
have a total value of $2.2 billion.
Petrobras said it would sell a 22.5% stake in the Iara
concession in the BM-S-11 block off the Brazilian coast to Total,
leaving the Brazilian company with 42.5% of the concession. Total
will buy a 35% stake in the Lapa field in block BM-S-9, leaving
Petrobras with 10% ownership. Petrobras will have the option of
buying 20% of block 2 in the Mexican portion of the Perdido
Foldbelt area of the Gulf of Mexico, which the French company
acquired in partnership with Exxon earlier this year.
The two companies will share the use of a regasification
terminal in the Brazilian state of Bahia, share control of two
power plants there and cooperate on other projects as well,
Petrobras said.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
December 21, 2016 17:19 ET (22:19 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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