Maersk to buy Brazil oil assets for $2.4 bln

Denmark's A.P. Moller-Maersk has agreed to buy oil assets in Brazil from South Korea's SK Energy for $2.4 bln to gain access to current production and growth potential, Maersk said.
The Danish shipping and oil group's Maersk Oil unit has agreed with SK Energy to acquire SK do Brasil Ltda. on a cash and debt-free basis, A.P. Moller-Maersk said on Thursday.
The acquisition gives Maersk Oil access to sizeable assets offshore Brazil, one of the most prolific regions in the world for oil exploration and production, the group said.
"The acquisition is consistent with our strategy as it will transform Brazil into a core producing country for Maersk Oil," Maersk Oil Chief Executive Jakob Thomasen said in the statement.
"It fits in perfectly," Thomasen told Reuters by telephone, referring to Maersk Oil's five existing exploration blocks which are also in Brazil's Campos Basin .
"We have a handful of blocks (off Brazil) — still only exploration activities but good activities — and now we get these blocks that are the best street addresses that you can have in the oil business," Thomasen said. "We believe there is a lot of potential."
The acquisition comprises three blocks, including a 40% stake in the Devon-operated Polvo field, a 20% stake in the Anadarko-operated Wahoo discovery, and a 27% stake in the Devon-operated Itaipu discovery, Maersk said.
BP has bought Devon's Brazil activities and will become operator of those licences.
Thomasen said the combination of existing production — Maersk will get about 10,000 barrels per day of oil from the Polvo field — and long-term exploration potential was particularly attractive.
"It offers immediate production and significant growth potential as discoveries identified in the acreage are appraised," said Maersk which has been in Brazil since 2001.
"The Wahoo and Itaipu discoveries will be appraised in 2011 and first oil may be possible by 2016 and 2018, respectively," Maersk said. "Additional exploration prospectivity has been observed in both these blocks, some of which is planned to be tested in 2013."
Thomasen said there was also potential for more activities at Polvo but Maersk would need to analyse that possibility further with its new partners.
SK Energy said separately it would sell its coal and minerals business in Australia, China and Indonesia to SK Networks for 236.6 bln won ($205 mln).