Petrobras Sells Its Stake in Uruguay Offshore Blocks to Shell

Brazil’s state-controlled oil company Petrobras has approved the sale of its stake in companies that hold shares in exploration blocks 3 and 4, located in the Punta Del Este basin in Uruguay. In a release issued late Friday, Petrobras revealed Shell as the buyer.

Completion of the transaction is subject to certain customary closing conditions, including approval of the transaction by the Administración Nacional de Combustibles Alcohol y Portland – ANCAP.

“This transaction represents another important step in Petrobras’ Divestment Program (Prodesin), part of the 2013-2017 Business and Management Plan,” said the company in a release.

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Press Release, October 07, 2013