Repsol, Sinopec to form Brazilian combine

By OGJ editors
HOUSTON, Oct. 1
-- Repsol and China Petroleum & Chemical Corp. (Sinopec) have agreed to form a joint venture valued at $17.773 billion to develop Repsol oil and gas discoveries off Brazil.

Repsol said its Repsol Brasil subsidiary, with assets valued at $10.664 billion, will issue new shares to which Sinopec will fully subscribe. After the transaction, Repsol will hold 60% of the venture, and Sinopec will hold 40%.

“The injection of funds generated by this transaction will allow Repsol Brasil to fully develop all of its current projects,” Repsol said in a statement. Its web site says it has participated in seven discoveries in the 21 blocks in which it holds interests in the Santos, Campos, and Espiritu basins.

Discoveries include the deepwater Guara and Carioca presalt strikes in the Santos basin, which Repsol describes as “world class.”

Repsol and Sinopec will continue their individual expansion plans in Brazil and will participate jointly or individually in future bidding rounds in the area, Brazil’s Petroleo Brasileiro SA said.

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