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South America: Oil company makes leap into Brazilian market

By  |  May 20, 2013
South America: Oil company makes leap into Brazilian market

Oil explorer and operator GeoPark Holdings Limited has announced a strategic entrance into the Brazilian market with a 10 percent buyout of the offshore Manati gas field. Manati is the largest natural gas field in the country. GeoPark currently operates in Chile, Colombia and Argentina, and the deal marks its entrance into Brazil with the acquisition that, according to reports, is strategically significant as it is responsible for half of gas for the northeastern region of Brazil, and up to 75 percent of the gas to the country’s largest city of Salvador. According to a press release, the deal will be made for $140 million and adjusted for working capital.

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