Brazilian state-run oil giant Petrobras and U.S. oil and gas developer Murphy Oil have concluded a joint venture arrangement covering their Gulf of Mexico holdings, Petrobras said in a statement Monday. Murphy will control 80% of the joint venture and Petrobras 20%. Murphy will act as operator of the Gulf of Mexico properties. In addition, Murphy will pay Petrobras $795 million for its Gulf of Mexico rights. Additional payments can be made to Petrobras depending on performance and other factors. The arrangement is part of an effort by Petrobras to sell off assets, pay down debt and refocus on core domestic oil and gas development.
Link to UOL news agency report