Brazil's state-owned oil and gas company Petrobras will sell its 20% stake in BP's Gila prospect in the US Gulf of Mexico, the company announced on 29 April 2013.
Petrobras signed a Sale and Purchase Agreement (SPA) for its stake in exploratory blocks KC 49, 50, 92, 93, 94 and 138, for US$ 110 million and additional equity in an exploratory block adjacent the Tiber field, where it already operates and has discovered reserved.
This transaction is part of Petrobras' divestment program, outlined in the 2013-2017 Business and Management Plan, and is subject to third party preferential rights and approval by the U.S. Bureau of Ocean Energy Management (BOEM).
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