2011-07-06-2011-07-05

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
0MM
Description

To acquire 10% of Block BMS-8 offshore in the Santos Basinof Brazil.

Rio de Janeiro-based Barra Energia do Brasil Petroleo e Gas Ltd. (Barra Energia) plans to acquire 10% of Block BMS-8 from Shell Brasil Petroleo Ltda, a subsidiary of Royal Dutch Shell, The Hague, Netherlands, (NYSE: RDS-A) for an undisclosed.

The block is offshore in the Santos Basin in a water depth of approximately 2,100 meters. Petrobras is the operator of the block with a 66% working interest while Galp holds a 14% working interest. Shell Brasil currently holds a 20% working interest.

In accordance with Brazilian regulatory requirements, the transaction and all the applicable assignment documentation will be submitted to ANP for final approval.

"This farm-in is the first major acquisition for Barra Energia as we execute our strategy to build a high quality portfolio of exploration and production assets in Brazil, and we continue to evaluate other opportunities," said Renato Bertani, CEO.

Barra Energia's principal investors are First Reserve Corp. and Riverstone Holdings LLC.