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Petrobras closes sale of 70% stake in Maromba oil field to BW Offshore

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Petrobras closes sale of 70% stake in Maromba oil field to BW Offshore

State-owned oil company Petróleo Brasileiro SA closed the previously reported sale of its 70% interest in the Maromba field in Brazil's Campos Basin to BW Offshore Ltd. subsidiary BW Offshore Production do Brasil Ltda, according to a securities filing.

Petrobras, as the Brazilian oil major is commonly known, has received the first installment payment of $20 million. The remaining $70 million will be paid in two installments: $20 million within 15 business days of the start of well drilling activities in the field, and $50 million within three months of first oil or three years following the beginning of well drilling activities, whichever comes first, the filing said.

Following the deal's closing, BW Offshore operates the field with a 70% stake while U.S. oil major Chevron Corp. holds the remaining 30%.

Based in Hamilton, Bermuda, BW Offshore provides floating production services to oil and gas companies in the Asia-Pacific, the Americas, the European Union and West Africa.