Enterprise Oil to buy Petrobras' UK unit for $157 million
June 21, 2001
Enterprise Oil PLC has agreed to acquire Petrobras UK Ltd. from parent company Petroleo Brasileiro SA (Petrobras) for $157 million, said Petrobras Thursday.
HOUSTON, June 21 -- Enterprise Oil PLC has agreed to acquire Petrobras UK Ltd. from parent company Petroleo Brasileiro SA (Petrobras) for $157 million, said Petrobras Thursday.
The deal is subject to detailed agreements and UK government consents. If approved, the transaction would be effective Jan. 1, 2001.
Petrobras expects a net profit from the sale, after capital gain taxes, of $85 million.
Petrobras has been active on the UK Continental Shelf since 1989, when it acquired an interest in Magnus field, and has grown since then. Petrobras offered its UK subsidiary for sale in 2000.
The company intends to focus its activity on South America, the US Gulf of Mexico, and West Africa.
