Petrobras Buys 50% of Offshore Oil Block in Benin, Africa

Petroleo Brasileiro SA, Brazil’s state-controlled oil producer, said it acquired a 50 percent stake in an offshore block in Benin as it expands in Africa.
A unit of Lusitania Petroleum holds the other 50 percent of Block 4, Petrobras, as the Rio de Janeiro-based company is known, said today in a regulatory filing. Petrobras said it expects to find light oil at the block Lusitania will operate.
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Source: Bloomberg