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Japan Inpex acquires Brazil block stake from Shell

Reuters

Tue Nov 4, 2008 4:34am EST

TOKYO, Nov 4 (Reuters) – Japan’s top oil and gas explorer, Inpex Corp (1605.T:QuoteProfileResearchStock Buzz), said on Tuesday it has received the Brazilian authorities’ approval to acquire a 20 percent interest in offshore block BM-C-31 in Brazil from Royal Dutch Shell (RDSa.L: QuoteProfileResearchStock Buzz).

 

After the deal, Brazil’s state-owned oil company Petrobras (PETR4.SA: Quote,ProfileResearchStock Buzz) will continue to have a 60 percent stake and Shell 20 percent.

The block, which covers an area of 710 square km (274 sq miles), is located 150 km (94 miles) off the coast of the state of Rio de Janeiro.

An exploration well is scheduled to be drilled in the coming year. The block lies in Campos basin, where large amounts of oil and gas have been discovered. (Reporting by Osamu Tsukimori)

 

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