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.
Energy industry leaders say technology and standardization are critical to lowering costs and improving efficiency offshore.
Upstream activity will fuel the region as a leader on the road to recovery.
The measures combined are worth between C$81 million ($61.4 million) and C$84 million in the first year, government spokesman Justin Marshall said.