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Maersk to buy Brazil oil assets for $2.4 bn

Maersk to buy Brazil oil assets for $2.4 bn
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First Published: Thu, Dec 23 2010. 02 15 PM IST
Updated: Thu, Dec 23 2010. 02 15 PM IST
Copenhagen: Denmark’s A.P. Moller-Maersk has agreed to buy oil assets in Brazil from South Korea’s SK Energy for $2.4 billion to gain access to current production and growth potential, Maersk said.
The Danish shipping and oil group’s Maersk Oil unit has agreed with SK Energy to acquire SK do Brasil Ltda. on a cash and debt-free basis, A.P. Moller-Maersk said on Thursday.
The acquisition comprises three blocks, including a 40% stake in the Devon-operated Polvo field, a 20% stake in the Anadarko-operated Wahoo discovery, and a 27% stake in the Devon-operated Itaipu discovery, Maersk said. BP has bought Devon’s Brazilian activities and will become operator.
“The acquisition is consistent with our strategy as it will transform Brazil into a core producing country for Maersk Oil,” Maersk Oil chief executive Jakob Thomasen said in the statement.
The acquisition gives Maersk Oil access to sizeable assets offshore Brazil, one of “the most prolific regions in the world” for oil exploration and production, the group said.
“It offers immediate production and significant growth potential as discoveries identified in the acreage are appraised,” Maersk said.
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First Published: Thu, Dec 23 2010. 02 15 PM IST