Petrobras (PBR) agrees to sell a stake in an oil and gas exploration block offshore Tanzania to...

|About: Petrobras - Petroleo Brasil... (PBR)|By:, SA News Editor

Petrobras (PBR) agrees to sell a stake in an oil and gas exploration block offshore Tanzania to Statoil (STO) for an unspecified amount. PBR will continue to operate the block with a 38% stake, while Shell (RDS.A, RDS.B) will retain a 50% share and STO 12%. The deal is part of $9.9B in planned divestments as PBR focuses on developing offshore fields in Brazil.