The Malaysian state-owned oil company is paying $850 million for a stake in two offshore exploration blocks off the coast of Rio de Janeiro.
By Jessica Seah|May 09, 2013
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Malaysian state-owned oil company Petroliam Nasional Bhd. (Petronas) is paying $850 million for a 40 percent stake in two Brazilian offshore exploration blocks.
Herbert Smith Freehills is acting for the seller, Rio de Janeiro-based oil producer OGX Petroleo e Gas Participacoes SA. The firm’s team was led by London partner Simon Tysoe and Hong Kong partner Hilary Lau. The firm has previously advised OGX on the acquisition of oil and gas assets.
The acquisition of the blocks, which are located some 100 kilometers offshore from Rio de Janeiro, will represent Petronas’ first foray into the exploration business in Brazil. The deal is subject to regulatory approvals from Brazil’s National Petroleum, Natural Gas and Biofuels Agency and the Brazilian Council for Economic Defence.
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