Petrobras has completed the sale of 100% of the shares of its wholly owned subsidiary Petrobras Energia Peru (PEP) to the China National Petroleum Corp. (CNPC), for the sum of $2.6 billion, according to a press release. The sale was finalized with a cash payment to Petrobras of $2.2 billion, after deduction of the due tax and fulfillment of all the conditions set down in the contract that was signed on Nov. 13, 2013.
The transaction included: 100% of Lot X, a mature field that produced 13,000 boe/d in 2013; a 46.16% stake in Lot 57, an operational field producing natural gas and condensate, operated by the partner, Repsol; and 100% of Lot 58, an exploration block close to Lot 57, where significant discoveries of natural gas and condensate have recently been made.
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