Petrobras, Brazil's state-run oil company, has received approval from Brazil's energy regulator, the ANP, to purchase a 30% stake in a Campos Basin block managed by Spain's Repsol and Norway's Statoil. Financial terms of the deal were not disclosed and Petrobras did not comment on the transaction.
Repsol (REP) and Statoil (STO) each own a 15% interest in the project. The two firms were originally 50-50 partners in the venture, according to Reuters.
Brazil produces about 2 million barrels of crude oil per day with roughly 80% of that total coming from the Campos Basin. Exploration efforts in Brazil have started to shift to the country's sub-salt deposits which may hold up to 50 billion barrels of recoverable reserves.
Repsol said it found signs of oil at the block that Petrobras (PBR) will acquire during a February exploration. The ANP was not able to confirm the size of Petrobras' investment in the BM- C-33 block.
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