Petrobras and Murphy Form Joint Venture for Operations in the Gulf of Mexico

Written by Paulo Nogueira

Published on 03/12/2018 at 09:51

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The Transaction Is Aligned With Petrobras’ Business And Management Plan And The Transaction Between The Two Companies Amounted To US$ 795 Million Net, Finalizing The Collaboration Agreement Made In October

Petrobras informs that it has finalized the operation that resulted in the establishment of a joint venture (“JV”) with an 80% stake from Murphy Exploration & Production Company (“Murphy”) and 20% from its subsidiary Petrobras America Inc (“PAI”), with the contribution of all oil and natural gas production assets located in the Gulf of Mexico from both companies.

In the context of the joint venture, Petrobras America and Murphy also signed the Joint Venture Operating Agreement (LLC Agreement – “LLC”), the Master Service Agreement (“MSA”), and the Transition Service Agreement (“TSA”).

The conclusion of the transaction occurred with the net payment of US$ 795 million made by Murphy to PAI, after contractual adjustments. The agreement also provides for contingent payments of up to US$ 150 million and an investment commitment of up to US$ 50 million in costs for the development of the St. Malo field, to be made by Murphy.

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Petrobras and Murphy Form Joint Venture for Operations in the Gulf of Mexico

The Transaction Is Aligned With Petrobras’ Business And Management Plan And The Transaction Between The Two Companies Amounted To US$ 795 Million Net, Finalizing The Collaboration Agreement Made In October

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