Tuesday, September 7, 2010

Shell (NYSE:RDS-A) Reportedly Selling For Oil Blocks in Brazil to Finance other Investments

A local Brazilian news agency, Estado, said Royal Dutch Shell (NYSE: RDS-A) is now looking for buyers for some of its stakes in deepwater oil exploration blocks off the coast of Brazil.

The oil giant is looking to sell four exploration blocks in what is identified as the pre-salt field.

One block is the BM-S-8 block, which is operated by Petrobras (NYSE:PBR). Shell owns a 20 percent stake in that part of the oil field.

Citing a Shell statement, Estado said the reason for the sales are to help finance other investment plans. Other assets in the region are reportedly going to be offered for sale by Shell as well.

The other blocks for sale are the BM-ES-28 block, which they have an 83.5 percent stake in; the BM-S-45 block, where they have a 40 percent stake in; and the BS4 block, which they also have a 40 percent stake.

All the blocks are located in the Santos and Espirito Santo basins, off the southeastern coast of Brazil.

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