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Brazil: CADE launches review of 2012 oil sell-off

By  |  July 31, 2013

Brazil’s competition watchdog CADE announced the initiation of an investigation into the nation’s oil firm OGX concerning allegations that the company’s acquisition of a 40 percent stake in competitor Petrobras violated antitrust law. In an emailed statement, CADE said the sell-off, made for $270 million, was not approved by the regulator under the recently-launched Brazilian Competition Law, which came into effect in May 2012. In response, however, OGX claims no wrongdoing due to the fact that the BS-4 block, the stake of which was sold to OGX, remains subject to clearance by the National Petroleum Agency. The block contains two post-salt oil fields, say reports.

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