Malaysian state oil firm Petroliam Nasional Bhd agreed today to pay US$850 million (RM2.53 billion) for a 40 per cent stake in a Brazilian offshore oil field controlled by Brazil’s OGX Petroleo e Gas SA.
“Petronas views the acquisition as a highly attractive opportunity in terms of asset quality and for strategic quality growth in Brazil,” it said in a press statement.
The move will be Petronas’ first foray into Brazil’s oil exploration and production industry — one of the world’s largest.
In addition to the purchase, a unit of the Malaysian company has qualified to bid for exploration blocks at an auction in Brazil May 14 and 15, the first such sale in four years. — Reuters