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QGEP Acquires Stake in Two Blocks in the 15th ANP Bidding Round

Source: 3/29/2018, Location: South America

QGEP Participacaes S.A. (QGEP3), informs the that its subsidiary Queiroz Galvao Exploracao e Producao S.A. (QGEP), in partnership with ExxonMobil Exploracao Brasil Ltda. (ExxonMobil) and with Murphy Brazil Exploracao e Producao de Petroleo e Gas Ltda. (Murphy Oil) acquired a stake in two blocks in the 15th Brazil's National Agency of Petroleum, Natural Gas and Biofuels (ANP) Bidding Round.

The blocks acquired by QGEP, SEAL-M-430 and SEAL-M-573, are located between 80 and 100 km from the coast, in ultra-deep waters in the Sergipe-Alagoas Basin, with total area of approximately 1,500 km2. QGEP acquired a 30% working interest in both blocks, in partnership with ExxonMobil, the operator with 50% working interest and Murphy Oil, with 20%. These blocks are adjacent to the other blocks owned by the same consortium. Signing bonus for these exploration blocks is R$7.3 million or R$2.2 million net to QGEP.

“We are very pleased, working together with our partners, Exxon and Murphy Oil to have expanded our presence in the Sergipe-Alagoas Basin with the awarding of two additional blocks. Our blocks are located in ultra-deep waters, adjacent to several discoveries and present medium-to low-risk prospects with high potential. During the current year, we plan to acquire seismic for all the blocks, fulfilling the commitments of the Minimum Exploratory Program (PEM). The drilling program will be based on the interpretation of the new 3D seismic”, highlighted Mr. José Milton Mendes, QGEP Exploration Superintendent.

QGEP also informs the market that the activities of interconnecting the production and control lines between the wells and the FPSO have been completed at the Atlanta Field and the Company confirms first oil for April, 2018. Daily production of up to 20,000 barrels of oil is projected after the start of the production from the two wells. Later in the year, QGEP along with its partners, will determine whether to drill a third well in the Field, which is part of the EPS, and could increase daily production by another 10,000 barrels of oil.

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 

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