Brazil's state-controlled oil company Petrobras SA sold its 20 percent stake in six offshore exploratory blocks inthe Gulf of Mexico for $110 million, the company said in amarket filing on Tuesday.
The blocks were KC 49, 50, 92, 93, 94, and 138, all of whichhave BP as operator. The company also received ascompensation a greater participation in an adjacent block knownas Tiber, in which it is already a stake holder.
Petrobras did not specify to whom it sold the blocks. Thesale is part of the company's divestiture program with which itwants to redirect its limited cash flow toward developing vastdeep water assets off Brazil's coast.
BP (BP.)
