Parnaiba Gas Natural Awarded 6 Blocks in the 13th Bidding Round

Source: www.gulfoilandgas.com 10/7/2015, Location: South America

Parnaiba Gas Natural (PGN) succeeded in winning all of the 6 blocks (representing an area of 18,000 Km2) for which the Company offered bids in the 13th Bidding Round held by the Brazilian National Petroleum, Natural Gas an Biofuels Agency (ANP).

Two blocks were acquired in partnership with ENGIE (former GDF Suez) - PNT-101 and PN-T-103 (PGN – Operator 65%, ENGIE 35%), two additional blocks were acquired with BPMB - PN-T-87 and PN-T-69 (PGN – Operator 70%, BPMB 30%) and two more blocks were acquired by PGN as sole owner (PN-T-163 and PN-T-146). The aggregate value of signature bonuses for all blocks is of BRL 10 Million – BRL 7.3million will be paid by PGN, and BRL 2.7 million by partners.

In addition to the signature bonus, a Minimum Exploration Program (MEP) will be applicable to all blocks. MEP commitments are expressed in work units (UWs), and percentages of local content committed in the exploration and production phases were taken into account as criteria in the bidding.

With the acquisition of these blocks PGN reinforces its position as Brazil's largest private operator and producer of onshore natural gas”, said Pedro Zinner, PGN's Chief Executive Offer. According to the CEO, “PGN's strategy is to follow a sustainable growth path, backed by a solid business and investment plan”.

“As we expand and renovate our portfolio, we have also established a strategic partnership with a global player which has much to contribute to exploration and production activities in Brazil”, Zinner added.

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


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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 

Related Articles: 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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