Shell Brasil currently owns a 20% participation in the area which is located in 2,100m below the water depth.
Brazil integrated energy firm Petrobras is the operator of the block with a 66% working interest while Galp holds a 14% working interest.
The transaction and all the applicable assignment documentation will be submitted to Brazilian National Agency of Petroleum, ANP for final approval in accordance with the Brazilian regulatory requirements.
Barra Energia CEO Renato Bertani said this is the first major acquisition for Barra Energia as part of a strategy to build a high quality portfolio of exploration and production assets in Brazil and it continues to evaluate other opportunities.
Barra Energia’s principal investors include the First Reserve Corporation and Riverstone Holdings.
