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

AU Energy to acquire Tullow Netherlands unit

09/05/2014 AU Energy BV, a subsidiary of Mercuria Energy Group Ltd., has agreed to acquire Dutch operated and nonoperated L12/L15 block interests and nonopera...

Boardwalk buys Louisiana ethylene pipeline from Chevron

09/04/2014 Boardwalk Pipeline Partners LP has agreed to buy Chevron Petrochemical Pipeline LLC—including the 176-mile Evangeline ethylene pipeline—from Chevro...

Federal judge finds BP E&P negligent in Macondo crude oil spill

09/04/2014 A nearly 5 million bbl crude oil spill following the 2010 Macondo deepwater well blowout in the Gulf of Mexico was the result of operator BP Explor...

Tamarack to buy Suncor’s Wilson Creek assets

09/04/2014 Tamarack Acquisition Corp., a subsidiary of Tamarack Valley Energy Ltd., will acquire Wilson Creek assets in central Alberta from Suncor Energy Inc...

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