Total to buy $2.2B in Petrobras assets in partnership

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

Petrobras (NYSE:PBR) says its partnership with Total (NYSE:TOT) will include asset sales and joint investments and have a total value of $2.2B.

TOT will partner with PBR in two presalt licenses in the Santos basin: It will take a 22.5% stake in the BMS-11 block, which includes the Iara fields that are currently under development, leaving PBR with 42.5% of the concession, plus a 35% stake and operatorship of the BMS-9 block, which includes the Lapa field that recently started production, leaving PBR with 10% ownership.

TOT also will offer PBR the option of buying 20% of the Perdido Belt deepwater exploration Block 2 recently awarded off Mexico, and the two companies will share the use of a regasification terminal in Brazil's Bahia state, share control of two power plants there and cooperate on other projects.