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Petronas to buy OGX interests offshore Brazil

Petronas Brasil E&P Ltda. has agreed to buy interests in two blocks in Brazil’s Campos basin from OGX Petroleo e Gas SA for $850 million.

Petronas Brasil will acquire 40% of OGX’s interests in Blocks BM-C-39 and BM-C-40 95 km offshore Rio de Janeiro state. OGX is developing Tubarao Martelo oil field on the blocks, where water depth is about 110 m (OGJ Online, Apr. 26, 2012).

The deal, which is subject to government approval, will be the first investment by Malaysia’s state-owned oil company in Brazilian exploration and production.

Petronas also acquired an option to acquire 5% of the capital stock of OGX from Eike Batista, OGX’s controlling shareholder. The option expires in April 2015.

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