UPDATE 1-Petrobras to sell Santos Basin stake to OGX for $270 mln

Mon Nov 26, 2012 5:50pm EST

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* First asset sale in Petrobras five-year investment plan

SAO PAULO Nov 26 (Reuters) - Brazil's state-led oil company Petrobras agreed to sell its 40 percent stake in an offshore Santos Basin concession to OGX Petróleo e Gás Participações SA for $270 million, according to a securities filing on Monday.

The deal, which requires regulatory approval, is the first asset sale by Petrobras as part of efforts to fund its $237 billion, five-year investment plan, the world's largest corporate spending program.

"We're very happy with this acquisition, which shows OGX is attentive to business opportunities in Brazil," said Luiz Carneiro, chief executive of OGX, which is controlled by billionaire Eike Batista.

Last week OGX, Brazil's second largest oil company by market value, issued a securities filing denying press reports that it was in negotiations to sell a 25 percent stake in its offshore leases in the Campos Basin.

Queiroz Galvão Exploração e Produção SA will remain the operator for the newly acquired Santos Basin bloc. Queiroz Galvão and Barra Energia do Brasil Petróleo e Gás Ltda each hold 30 percent stakes in the concession, which includes the Atlanta and Oliva fields.

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