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Brazil: Oil giant makes oil block deal with bank

 |  September 29, 2013

Brazil-based oil giant Petra Energia announced Thursday it has reached a deal to sell its 30 percent control of seven oil and gas blocks to BTG Pactual, an investment bank.

Financial details of the deal were not disclosed.

Petra will sell its stake in the oil and gas Parnaiba Basin blocks, though competition authority CADE will need to clear the deal.

In an emailed statement, Petra said it has formally applied for regulatory clearance.

The additional 70 percent of the oil block is owned by OGX Maranhao, also based in Brazil.

Full Content: Reuters

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