Brazil's largest mining company Companhia Vale do Rio Doce (Vale) announced Friday it has acquired Petroleum Geoscience Technology Ltd (PGT) for 15 million reais (6.5 million U.S. dollars).
The contract for the acquisition will be paid in annual installments until 2013, Vale said in a statement.
The acquisition of PGT, which specializes in exploration and production of oil and gas, has been part of Vale's strategy to increase its energy generation, said Tito Martins, Vale's executive director for Non-Ferrous Minerals and Energy.
Since 2007, Vale has been investing in natural gas exploration in Brazil's sedimentary basins, and it has built a portfolio comprising 15 blocks of gas reserves.
The company has succeeded in its bid for the exploration of blocks in the Parnaiba and Para-Maranhao basins in November 2007. It has also acquired stakes for the Santos and Espirito Santo basins.
Source: Xinhua
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