Brazil’s Petrobras sells subsidiary in Peru to the China National Petroleum Corporation

14 November 2013

Brazilian state oil company Petrobras has sold its subsidiary Petrobras Energia Peru to the China National Petroleum Corporation (CNPC) for US$2.6 billion, the Brazilian company said in a statement.

The sale, which was signed off on Wednesday, was approved by the Petrobras board of directors and was part of the divestment programme included in the 2013-2017 Business and Management Plan.

Petrobras Energia Peru controls 100 percent of the Lote X block, which produced 16,000 barrels of oil per day in 2012, as well as 100 percent of Lote 58, which is still being explored and 46.16 percent of Lote 57, a block where natural and condensate gas was recently discovered.

CNPC is a partner of Petrobras in the consortium that was successful in the auction for the Libra pre-salt block, at the end of October. (macauhub)