Petrobras Sheds Offshore Stake

Petrobras has agreed to sell its 20% stake in a series of BP-operated exploratory blocks known as Gila for $110m, it says. In the deal, the seller will also receive additional equity in an exploratory block near its existing assets. The transaction remains subject to approvals, and comes as part of its previously outlined divestment program. The state-owned oil producer does not indicate if BP was the buyer, and could not be reached for initial comment due to a national holiday Wednesday. Petrobras last year sold 40% of its interest in the BS-4 offshore concession to OGX, for $270m, in the first asset sale under the state-controlled oil producer’s divestment program in its 2012-2016 business plan.