Brazilian miner to buy stakes in 3 offshore oil blocks
By Alexandra Stadnyk
Brazil's state-owned Petrobras is to sell a 25 percent stake in three offshore blocks to Brazilian miner Vale, the companies announced Thursday.
Vale will own as much as 25 percent of three blocks in the Petrobras area off the coast of Brazil as part of the deal, the companies said today.
Under the terms of a memorandum of understanding signed by Vale Chief Executive Roger Agnelli and Petrobras CEO Jose Sergio Gabrielli, Vale will acquire exploration rights for blocks ES-M-466, ES-M-468 and ES-M-527 in the Espirito Santo Basin, Vale said in a statement.
Neither company disclosed pricing details of the transaction.
Vale spent $60 million on gas exploration last year, Agnelli said.