A PYMNTS Company

Brazil: BW Offshore wins approval to buy oilfield from Petrobras

By  |  March 6, 2019

Norway’s BW Offshore has won approval from Brazil’s antitrust watchdog CADE to buy the Maromba oilfield from Petrobras and Chevron, according to a statement in the official gazette on Wednesday, March 6.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Petrobras has a 70% percent stake in the field, while Chevron has a 30% percent stake.

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    “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 announced 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, while Chevron stated said the sale is strategic, allowing it to focus on other projects.

    Full Content: Reuters

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.