Oil & Gas News

Petrobras Sells Gila Asset in Gulf of Mexico

petrobras-logoPetrobras announces that it has signed a Sale and Purchase Agreement (SPA) for the sale of the 20% stake the company holds in exploratory blocks KC 49, 50, 92, 93, 94 and 138 in the US Gulf of Mexico. These blocks make up the asset known as Gila, and the operator is British Petroleum (BP).

Petrobras will receive US$ 110 million for the transaction and additional equity in an exploratory block adjacent the Tiber field, where Petrobras is already operating and has discovered reserved. This transaction is part of Petrobras' divestment program, outlined in the 2013-2017 Business & Management Plan, and is subject to third party preferential rights and approval by the U.S. Bureau of Ocean Energy Management (BOEM).

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