Petrobras, Repsol Sinopec return non-viable Brazilian oil concession

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

Petrobras (NYSE:PBR) and Spanish-Chinese joint venture Repsol Sinopec (OTCQX:REPYY, SNP) say they are handing back exploration rights at the Piracuca Field in Brazil's Santos Basin due to a lack of commercial viability.

The field was declared commercial in 2009, but further studies show the area is not commercially viable, PBR says.

Repsol Sinopec says it has booked a charge related to the decision but does not elaborate on its value; PBR does not say whether it took any relevant charges.