Petronas invests in Brazil

Buys US$850 million stake in Brazil oil field.

Petroliam Nasional Bhd or Petronas, Malaysia’s national oil company, will pay US$850 million for a share in a field owned by OGX Petroleo e Gas Participacoes SA, a Brazilian oil producer.

Petronas agreed to buy a 40% stake in two blocks in the offshore Tubarao Martelo field located in the Campos Basin. A Petronas statement said the company views the acquisition as a highly attractive opportunity in terms of asset quality and for strategic future growth in Brazil.

The acquisition marks Petronas’ first entry into exploration and production in Brazil and followed deal last year to take over Canadian producer Progress Energy Resources Corporation.

OGX plans to start output at the Tubarao Martelo field in the fourth quarter. It has already drilled six wells at the field and is waiting for OSX Brasil SA, a shipbuilding subsidiary, to deliver a production vessel to begin pumping the crude.