Petrobras sells Peru unit to PetroChina/CNPC for $2.6 bln

Reuters

(Recasts with details on Chinese companies)

BRASILIA/BEIJING, Nov 13 (Reuters) - Brazil's state-run oilcompany Petrobras has struck a deal to sell itsPeruvian oil and gas assets to PetroChina, China's topoil and gas firm, and its parent China National Petroleum Corp(CNPC) for $2.6 billion.

Petrobras, which has been looking to sell its foreign assetsto focus on tapping massive deposits discovered off Brazil'sAtlantic coast, said the deal signed on Wednesday still needsthe approval of the Chinese and Peruvian governments.

The Chinese companies agreed to buy all the shares ofPetrobras Energia Peru S.A., which has three oil and gas fieldsin Peru. The fields currently produce about 800,000 tonnes oilequivalent a year, PetroChina said in a securities filing.

"The three target blocks are all quality oil properties inPeru with achievable profit potential," PetroChina added. "Theacquisition of the assets will help to expand the scale ofPetroChina's oil and gas cooperation in Latin America, and drivethe sustainable development of PetroChina's overseas business."

Petrobras said the agreement involves Lot X, a mature fieldthat has been in production since 1912 and produced 16,000barrels of oil equivalent last year, and Lot 58, where gas wasrecently discovered.

The deal also includes a 46.16 percent stake in Lot 57, anatural and condensed gas field that has not begun operatingyet. The Peruvian exploration subsidiary of Spain's Repsol owns the remaining 53.84 percent of this bloc.

Petrobras said the sale is part of its 2013-2017 businessplan announced in March that aims at divesting $9.9 billion inassets, including stakes in Gulf of Mexico blocs and explorationassets in Africa.

The Peru assets are being sold to CNPC Holdings and CNODCInternational, both overseas units of CNPC Exploration andDevelopment Co Ltd, which is a subsidiary of PetroChina andindirectly of CNPC, the controlling shareholder of PetroChina.

The deal reinforces the growing presence of Chinese oilcompanies in Latin America.

Last month, CNPC and China's CNOOC Ltd each got 10percent stakes in Brazil's largest offshore oilfield, Libra, through a consortium led by Petrobras that includes France'sTotal SA and Anglo-Dutch Royal Dutch Shell Plc.

The Libra field is estimated to hold between 8 billion and12 billion barrels of recoverable oil discovered beneath a layerof salt thousands of meters below water and sub-sea rock. (Reporting by Chen Aizhu and Judy Hua in Beijing and AnthonyBoadle in Brasilia; Editing by John Wallace)

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