2009-08-05-2009-08-01
Description
To buy 25% stake in exploration rights offshore Brazil blocks ES-M-466, ES-M-468 & ES-M-527 near Espirito Santo State.
Brazilian miner Vale SA (NYSE: VALE) plans to buy a 25% stake in exploration rights for oil and gas blocks off Brazil's coast from state-run oil company Petrobras for an undisclosed price. The interests include rights in the ES-M-466, ES-M-468 and ES-M-527 blocks off the coast of Brazil's Espirito Santo State. "Exploring for energy sources, such as natural gas, is a part of Vale's strategic objective to diversify and optimize its energy supply in order to reduce costs and mitigate risks," the company said in a statement.