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.