Angola’s Sonangol set to acquire controlling stake of Brazilian oil company

24 November 2009

Sao Paulo, Brazil, 24 Nov – Angolan state oil company Sonangol is set to acquire a controlling stake of a Brazilian oil company, at a cost of US$180 million, Brazilian financial newspaper Valor Económico reported Monday.

The deal includes the acquisition of control of Starfish Oil gas, in which Sonangol already has an 18 percent stake, transforming the Angolan company into a block operator on the Brazilian coast.

Sonangol’s director in Brazil, Cândido Cardoso, told the newspaper that some legal aspects were left to carry out for the operation to be concluded.

Starfish was one of the first independent Brazilian oil and gas companies, set up in 1999, by a former executive of state company Petrobras.

Starfish currently has exploration rights on 23 onshore and offshore oil blocks in the Northeast and Southeast of Brazil. (macauhub)