Barra Energia has entered into an agreement to acquire 10% of Block BMS-8 from Shell Brasil Petroleo Ltda, which currently owns a 20% participation in the area. Financial terms of the transaction were not disclosed.

The block is located offshore in the Santos Basin in water depth of approximately 2,100m. Petrobras is the operator of the block with a 66% working interest while Galp holds a 14% working interest.

In accordance with Brazilian regulatory requirements, the transaction and all the applicable assignment documentation will be submitted to ANP for final approval.

"This farm-in is the first major acquisition for Barra Energia as we execute our strategy to build a high quality portfolio of exploration and production assets in Brazil, and we continue to evaluate other opportunities," said Renato Bertani, CEO. "We are striving to create a leading independent Brazilian company committed to technical excellence and ethical business practices."

Tags: Barra Energia