Petronas Eyes Brazil With $850M Oil Block Buy From OGX

Law360, New York (May 8, 2013, 7:11 PM EDT) -- A subsidiary of Malaysian energy firm Petroliam Nasional Bhd. has reached an $850 million deal to purchase an interest in two offshore oil blocks in Brazil’s Campos Basin from oil company OGX Petroleo e Gas Participacoes SA, according to a Sunday statement.

The company, also known as Petronas, announced that its Brasil E&P Ltda. unit will acquire a 40 percent stake of OGX's interest in the two blocks located in shallow waters about 60 miles off the coast of the state of Rio de Janeiro.

The blocks...
To view the full article, register now.