OREANDA-NEWS. Petrobras announced that we have signed a Sale and Purchase Agreement (SPA) for the sale of our 20% stake in exploratory blocks KC 49, 50, 92, 93, 94 and 138 in the US Gulf of Mexico. These blocks make up the asset known as Gila, and the operator is British Petroleum (BP).

We will receive USD 110 million for the transaction and additional equity in an exploratory block adjacent the Tiber field, where we are already operating and have discovered reserved.

This transaction is part of our divestment program, outlined in the 2013-2017 Business & Management Plan, and is subject to third party preferential rights and approval by the U.S. Bureau of Ocean Energy Management (BOEM).