BP Snaps Up $110M Stake In Gulf Blocks From Petrobras

Law360, New York (May 1, 2013, 7:19 PM EDT) -- BP PLC has inked a deal to pick up a minority stake in several Gulf of Mexico blocks in exchange for $110 million and an equity stake in one of BP's blocks, according to a Tuesday statement from seller Petroleo Brasileiro SA.

Per a sale and purchase agreement, the Brazilian state-owned energy company, which is also known as Petrobras, will hand over its 20 percent stake in six exploratory blocks that are located in an oil and gas play dubbed Gila.

In return, Petrobras is getting...
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