Cowan Petróleo e Gás, oil industry arm of Minas Gerais-based builder Cowan, plans to diversify its areas of exploration to dilute its business risk. Cowan Petróleo director Guilherme Santana says this strategy has led to the sale of a stake in two blocks that the company has in Namibia. Cowan in March completed the transfer of a 65% share in the 2613A and 2613B blocks to American company Murphy Oil and to Austria’s OMV. 

The Brazilian company will keep 25% of the blocks, while Murphy will be the operator with 40% and OMV will hold 25%. State-owned Namibia Namcor will also maintain a stake in the operations. The transaction value was not disclosed.