Petrominerales Awarded 3 Blocks in the 11th Bid Round

Source: www.gulfoilandgas.com 5/17/2013, Location: South America

Petrominerales is pleased to announce that, following the Brazilian 11th Bid Round ("Bid Round"), administered by the Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis of Brazil ("ANP"), we successfully bid on three blocks. We were awarded Block REC-T 106 and Block REC-T 107 in the Reconcavo Basin and Block TUC-T 177 in the Tucano Basin, all located in the state of Bahia, onshore Brazil.

Block REC-T 106 is comprised of 7,759 acres located in the southern portion of Sector SREC-T1 of the Reconcavo Basin. Our first phase work commitment consists of the acquisition of 10 square kilometers of 3D seismic. Block REC-T 107 is comprised of 7,561 acres located in the southern portion of Sector SREC-T1 of the Reconcavo Basin, near our Bom Lugar field. Our first phase work commitment consists of drilling two wells. Block TUC-T 177 is comprised of 46,505 acres located in the southern portion of Sector STUC-S of the Tucano Basin. Our first phase work commitment consists of drilling one well and the acquisition of 31 square kilometers of 3D seismic.

The three blocks awarded will be subject to ANP contracts, expected to be finalized in August 2013. Petrominerales participated in the Bid Round through our subsidiary, Alvopetro S.A. Extracao de Petroleo e Gas Natural, and upon the execution of the ANP contracts, Petrominerales will hold a 100% interest in Block REC-T 106 and Block TUC-T 177 and a 75% interest in Block REC-T 107. All three blocks have an initial three year exploration phase.

The blocks acquired in the Bid Round cover 61,825 acres, allowing us to more than double our land position in Brazil to approximately 120,000 acres (103,000 net acres). The REC-T 106, REC-T 107 and TUC-T 177 blocks increase our exposure not only to the deep tight oil potential in the Gomo horizon but also add considerable exploration potential in shallower conventional reservoirs. Our initial focus will be to demonstrate the commercial deliverability of the Gomo sands using fracture stimulation technology.

Our vision in Brazil is to implement a large-scale, repeatable, low-risk, multi-well development program, utilizing advanced technology and completion techniques. We look forward to drilling our first wells in Brazil later this year.

For more information about related Opportunities and Key Players visit Brazil Oil and Gas Projects


New Zealand >>  7/5/2022 - OSM Maritime (OSM) would pleased to announce that Kingston Offshore Services, a New Zealand-based provider of oil and gas and offshore marine services...
Sweden >>  7/5/2022 - Eolus has signed an agreement with DalaVind AB to expand its participating interest in the Fageråsen wind power project to 49%. Together, the companie...

United States >>  7/5/2022 - Stronghold Energy II Operating, LLC and Stronghold Energy II Royalties, LP, two privately held companies ("Stronghold"), have announced that Ring Ener...
Ethiopia >>  7/4/2022 - Yara has signed a Share Purchase Agreement with XLR Enterprises Limited to sell its ownership interest in the Dallol mining project in Ethiopia. The D...

Nigeria >>  7/1/2022 - ADM Energy PLC, a natural resources investing company, provides an update on the legal proceedings in respect of its interest in the Barracuda oil fie...
Norway >>  7/1/2022 - Rex International Holding Limited (“Rex International Holding”, “Rex” or the “Company”, and together with its subsidiaries, the “Group”), a technology...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.