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OGX to buy stake in block offshore Brazil

OGX has agreed to buy a 40% participating interest in Block BS-4 in the Santos basin offshore Brazil from Petroleo Brasileiro SA (Petrobras) for $270 million.

The acquisition is subject to approval by the National Petroleum, Natural Gas, and Biofuels Agency.

Post-salt Atlanta and Oliva oil fields are on the block, both proposed for development 185 km offshore in 1,500 m of water.

Other participating interests, 30% each, are held by Queiroz Galvao Exploracao e Producao SA, operator, and Barra Energia do Brasil Petroleo e Gas Ltda.

Petrobras said the sale represents the first in a divestment program under its 2012-16 business plan.

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