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GDF Enters Gas Licences for the First Time in Brazil

Source: www.gulfoilandgas.com 11/14/2013, Location: South America

GDF SUEZ has signed an ‘Asset Purchase Agreement’ (APA) with Vale S.A., one of the largest metals and mining company in the world, to acquire its 20% participating interest in two gas exploration blocks in the Parnaiba onshore basin, located in the North East of Brazil.

Signing of the APA marks the first entry of GDF SUEZ into the exploration-production activities in Brazil.

Blocks 2 and 3 cover an area of 3,067 km2 and 3,065 km2 respectively in a region relatively under-explored, with high potential of natural gas. These licences were awarded in March 2008 as part of the 9th exploration bid round to Vale (20%), BP (40%, operator of block 2) and Petrobras (40%, operator of block 3). One exploration well in each of these two blocks is scheduled by March 2014.

Didier Holleaux, Chief Executive Officer of GDF SUEZ E&P International, said: “Through this acquisition, GDF SUEZ makes its first step in exploration-production activities in Brazil. This transaction allows us to work with experienced partners, in a region which is still under-explored but which has a clear potential for natural gas.”

Mauricio Bahr, GDF SUEZ Country Manager in Brazil, affirmed: “The combination of GDF SUEZ international experience in exploration-production activities and our significant presence in the Brazilian electricity market represents a strong position for the Group in Brazil. We expect natural gas to play a key role in the Brazilian energy mix going forward, and therefore direct access to gas is an important enhancement to GDF SUEZ position in the country.”

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

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