PetroChina acquires entire shares of Petrobras Energia Peru S.A.

PetroChina acquires entire shares of Petrobras Energia Peru S.A.

On November 13, CNPC E&D Holdings Cooperatief U.A. (CNPC Holdings) and CNODC International Holding Ltd. (CNODC International), both being indirect subsidiaries of PetroChina, entered into an acquisition agreement with Petrobras International Braspetro B.V. and Petrobras De Valores Internacional De Espana S.L., regarding the acquisition of the entire shares of Petrobras Energia Peru S.A., with a consideration of approximately USD 2.6 billion.

Petrobras Energia Peru S.A. possesses three blocks of oil and gas properties in Peru, holding 100% interests in two blocks and a 46.16% interest in the third block. The three blocks have sizeable recoverable reserves, and the current output is approximately 0.8 million tons of oil equivalent per year. Formal delivery of the transaction is expected to be completed when approved by relevant governments and conditions precedent are satisfied.

CNPC Holdings and CNODC International are both overseas wholly-owned subsidiaries of CNPC Exploration and Development Company Limited (CNPC E&D). CNPC E&D is a subsidiary of PetroChina and a joint venture company held as to 50% by PetroChina and as to 50% by China National Oil and Gas Exploration and Development Corporation, which is a wholly owned subsidiary of CNPC, the controlling shareholder of PetroChina.

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