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.

Related Articles

India’s ONGC to invest in Daman development in Arabian Sea

08/29/2014 India’s Oil & Natural Gas Corp. will invest $864.5 million to enhance natural gas and condensate production from its Tapti Daman block in the A...

Nexen boosts CNOOC’s first-half production

08/29/2014 Nexen Energy ULC contributed 36.3 million boe during this year’s first half to CNOOC Ltd.’s total net oil and gas production of 211.6 million boe, ...

Fitch: Drilling downturn might prompt some consolidation

08/28/2014 A cyclical downturn in offshore drilling might provide an opportunity for driller contractors having financial flexibility to buy their peers at fa...

Verma named managing director at India’s ONGC Videsh

08/27/2014 India’s ONGC Videsh Ltd. has named Narendra Verma its managing director. Verma’s previous positions include director of exploration of Maharatna ON...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected