Norway's BW Offshore Ltd. has won approval from Brazil's antitrust watchdog Cade to buy the Maromba oil field from Petrobras (NYSE: PBR) and Chevron Corp. (NYSE: CVX), according to a statement in the official gazette on March 6.
The Maromba field is a heavy oil development in the Campos Basin offshore Brazil. Petrobras has a 70% stake in the field, while Chevron has a 30% stake.
"The transaction represents an opportunity for BW to enter and start its activities in the oil and natural gas exploration and production market in Brazil," Cade said in a statement, adding that the transaction "does not lead to competitive concerns."
Petrobras informed Cade that the sale is part of its divestment program. Meanwhile, Chevron said the sale is strategic, allowing it to focus on other projects.
Recommended Reading
Analyst: ‘Generalist Investors Are Running Away’ From Oil And Gas
And other above-ground challenges oil and gas producers in the Permian Basin are facing.
Executive Q&A: Jerry Jones
The career oil and gas man has put his money on U.S. natural gas via Comstock Resources Inc. and the Haynesville Shale.
Boomers, Sooner: Oklahoma Oil And Gas Producers
Oklahoma producers are intensifying multisection-lateral and multizone development of their liquids-rich leasehold, bringing production nearer to first spend. They’re also paring costs by millions per well.