BRAZIL
We are the operator of several producing fields offshore Brazil. They include the Bijupirá and Salema fields (Shell interest 80%) and the Parque das Conchas (BC-10) field (Shell interest 50%). We also have interests in offshore development and exploration blocks in the Campos, Santos and Espirito Santo basins with interests ranging from 17.5% to 80%. We operate one of these blocks (BM-S-54), as well as 5 blocks in the São Francisco area. In 2011, as part of a portfolio review, we divested our 20% participating interest in Block BM-S-8 and our 40% interest in Block BS-4, both in the Santos basin offshore Brazil. The BS-4 divestment received regulatory approval in March 2012.
We also hold an 18% interest in Brazil Companhia de Gas de São Paulo (Comgás), a natural gas distribution company in the state of São Paulo.
