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 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.
"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.
"It fits in perfectly," Thomasen told Reuters by telephone, referring to Maersk Oil's five existing exploration blocks which are also in Brazil's Campos Basin .
"We have a handful of blocks (off Brazil) -- still only exploration activities but good activities -- and now we get these blocks that are the best street addresses that you can have in the oil business," Thomasen said. "We believe there is a lot of potential."
The acquisition comprises three blocks, including a 40 percent stake in the Devon (DVN.N)-operated Polvo field, a 20 percent stake in the Anadarko (APC.N)-operated Wahoo discovery, and a 27 percent stake in the Devon-operated Itaipu discovery, Maersk said.
BP (BP.L) has bought Devon's Brazil activities and will become operator of those licences.
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 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.
"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.
"It fits in perfectly," Thomasen told Reuters by telephone, referring to Maersk Oil's five existing exploration blocks which are also in Brazil's Campos Basin .
"We have a handful of blocks (off Brazil) -- still only exploration activities but good activities -- and now we get these blocks that are the best street addresses that you can have in the oil business," Thomasen said. "We believe there is a lot of potential."
The acquisition comprises three blocks, including a 40 percent stake in the Devon (DVN.N)-operated Polvo field, a 20 percent stake in the Anadarko (APC.N)-operated Wahoo discovery, and a 27 percent stake in the Devon-operated Itaipu discovery, Maersk said.
BP (BP.L) has bought Devon's Brazil activities and will become operator of those licences.