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BP PLC has completed the acquisition of an additional 16% interest in Culzean gas field in the UK Central North Sea, from JX Nippon Exploration and Production (UK) Limited (JXNEPU).

The deal is to expand BPs North Sea asset portfolio. The transaction has increased BP’s stake in the field from 16% to 32%.

The Culzean gas field is scheduled to start production in 2019, at a maximum rate of up to 90,000boed.

Petroleo Brasileiro SA (Petrobras) has announced the pricing for global notes to be issued by its subsidiary Petrobras Global Finance BV. The issue will raise $5bn for the company.

The offer implies the issue of two types of notes, which bear a coupon rate of 8.375% and 8.750%, and due in 2021 and 2026 respectively.

Petrobras has appointed BB Securities, JP Morgan Securities, Merrill Lynch, Pierce, Fenner & Smith and Santander Investment Securities as joint book-running managers for the issue, while Hogan Lovells International is the legal advisor.

The issue is scheduled to close on 23 May. The amount raised from the offering will be used to fund the previously declared waterfall tender offers and for general corporate functions.

Image: BP through its subsidiary Britoil owns 32% stake in Culzean gas field in UK Central North Sea. Photo: Courtesy of Maersk Oil.