Brazil Gives Nod to Petrobras, Shell Sales

Brazil’s regulatory authority has approved the sale of two oil block stakes by Petrobras and Shell. As disclosed by the regulator, Petrobras plans to sell a 40% stake in BM-CE-4 block in the offshore Ceara basin to BP’s Brazilian unit, BP Energia do Brasil. Similarly, Shell will sell a 40% participation in the BM-S-45 block to Petrobras, leaving the Brazilian company with complete ownership. A spokeswoman for Petrobras said the company should retain a 60% stake in the BM-CE-4 block in partnership with BP. She declined to offer additional details about the deal or to confirm the Shell transaction. A spokesman for BP also confirmed the deal but declined to offer additional details. Officials at Shell could not immediately be reached for comment. The BM-S-45 is a Santos Basin oil block, in close proximity to a string of landmark oil discoveries in the South American country. The absence of new oil licensing rounds has prompted a series of mergers and acquisitions deals led by oil companies holding prized Brazilian fields.