PETRONAS acquires 40% stake in Tubarao Martelo from OGX for US$850 million
PETRONAS has entered Brazil with the acquisition of a 40% stake in two blocks currently held by OGX. The blocks are located in the shallow waters of the southern Campos Basin and contain four undeveloped fields. The most important is Tubarão Martelo, which is currently under development as a standalone project with first oil scheduled for end-2013. The other fields are much smaller in size and are potential tie-backs to the anchor field. The deal also includes the option for ...