China's top oil and gas firm, has struck a deal to acquire the Peruvian oil and gas assets of Blian state-led oil company Petrobras for $2.6 billion.
Petrobras, which has been looking to sell its foreign assets, said the deal signed on Wednesday still needs the approval of the Chinese and Peruvian governments.
The Chinese firm bought all the shares of Petrobras Energia Peru S.A., which has three oil and gas fields in Peru. The fields currently produce about 800,000 tonnes oil equivalent a year, Petro China said in a statement.
"The three target blocks are all quality oil properties in Peru with achievable profit potential," PetroChina added. "The acquisition of the assets will help to expand the scale of PetroChina's oil and gas cooperation in Latin America, and drive the sustainable development of PetroChina's overseas business."
Petrobras said the agreement involved Lot X, a mature field that has been in production since 1912 and produced 16,000 barrels of oil equivalent last year.
The deal includes a 46.16 percent stake in Lot 57, a natural and condensed gas field that has not begun operating yet, and the whole of Lot 58, an adjacent area where gas was recently discovered.
Petrobras said the sale is part of its 2013-2017 business plan announced in March that aims at divesting $9.9 billion in assets, including stakes in Gulf of Mexico blocs and exploration assets in Africa.
Source: Reuters
