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Petrobras to sell 70% stake in Maromba field to BW Offshore for $90M

Petróleo Brasileiro SA - Petrobras said March 8 it signed an agreement with BW Offshore Ltd to sell its 70% stake and operatorship of the Maromba field in the Campos Basin offshore Brazil for $90 million.

Payment will be done in three installments, including $20 million at the deal's closing, $20 million following the start of well drilling activities and $50 million within the first three months of first oil, or the first three years after the start of well drilling activities, whichever comes first.

BW Offshore will take operatorship of the field following the deal's closing, subject to precedent conditions such as approval from Brazil's Administrative Council of Economic Defense and the National Petroleum, Natural Gas and Biofuels Agency.

The Maromba field is in the Campos Basin, which is approximately 100 kilometers off the coast of the Brazilian state of Rio de Janeiro.