Bermuda-based Azilat Petroleum announced on Monday it had bought two oil exploration blocks from Brazilian oil firm OGX Petroleo e Gas.
The blocks – both offshore Brazil – are officially called CE-M-603 and POT-M-475 and are located respectively in the Ceara Basin and the Potiguar Basin. Both are operated by ExxonMobil.
Azilat – an oil and gas exploration company with a special focus on South America – did not reveal the price it paid but it did acquire the whole share of OGX, which means it has a 50% holding in CE-M-603 and 65% in POT-M-475.
The deal still needs the stamp of approval from Brazil’s oil industry regulator ANP.
OGX is a Brazilian publicly listed oil and gas company belonging to the EBX Group. Prior to undergoing bankruptcy proceedings in 2013 it was Brazil’s second biggest oil company behind Petrobras.