Brazil’s Watchdog CADE OKs Petrobras Deal With Total

Brazilian antitrust watchdog CADE has approved the acquisition by state-controlled oil company Petrobras of the stakes owned by France’s Total in five oil blocks in the Amazon, according to Brazilian official gazette.

Total gave up on the blocks last September as the company struggled to get environmental licenses. 

The Strategic Alliance between the two companies creating new partnerships in the Upstream and Downstream sectors, together with a reinforced technical cooperation covering operations, research and technology. This alliance should allow both companies to combine their internationally recognized expertise on all segments of the oil and gas value chain in Brazil and internationally.

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.