GDF Suez acquires Vale's 20% stake in Brazil gas blocks

|By:, SA News Editor

GDF Suez (GDFZY, GDSZF) agrees to acquire Vale’s (VALE) 20% stake in a pair of gas blocks in the Parnaiba basin in northeast Brazil, marking GDF's first entry into exploration and production activities in Brazil.

Blocks 2 and 3 each cover slightly more than 3K sq. km; one exploration well in each of the two blocks is scheduled by March 2014.