Brazil’s Petrobras sells stake in Peniche, Portugal, to Spain’s Repsol group

13 November 2013

The 50 percent stake held by Brazil’s Petrobras in four offshore oil prospecting blocs near Peniche, Portugal, has been sold to Spain’s Repsol group, reports the Portuguese newspaper Diário Económico.

In these blocks the Spanish group now controls a 65 percent stake.

Petrobras had been involved in prospecting for oil in seven deepwater blocs in Portugal: four in the Peniche Basin (Camarão, Amêijoa, Mexilhão and Ostra) and three in the Alentejo Basin (Gamba, Santola and Lavagante), holding a 50 percent stake in each.

Petrobras’s exit from production efforts in Portugal has been publicly assumed by managers of the Brazilian state-held enterprise. On Monday a company official announced the decision, saying it was justified by the lack of results.

Petrobras also plans to close its office in Portugal, where it has been present since 2007, according to a recently announced decision to end activities in various countries. (macauhub)