(MENAFN) Brazil's state-run oil company Petrobras will give up its 40 percent stake in an offshore Santos Basin concession to OGX Petroleo e Gas Participacoes SA for USD270 million, Reuters reported.
The company said that the deal, pending regulatory approval, is part of efforts to fund its USD237 billion, five-year investment plan, the world's largest corporate spending program.
Earlier this month, OGX, which is controlled by billionaire Eike Batista, denied press reports that it was in negotiations to sell a 25 percent stake in its offshore leases in the Campos Basin.
Queiroz Galvao Exploracao e Producao SA will remain the operator for the newly acquired Santos Basin bloc.
Queiroz Galvao and Barra Energia do Brasil Petroleo e Gas Ltda each hold 30 percent stakes in the concession, which includes the Atlanta and Oliva fields.
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