Ecopetrol Expands its Presence in Brazil's Pre-Salt in Alliance with Shell & Chevron

Source: www.gulfoilandgas.com 12/20/2018, Location: South America

Ecopetrol S.A. (ECOPETROL) reports that it closed a deal with companies of the Shell and Chevron groups, which will allow it to expand its stake in Brazil's Pre-Salt Region. The agreement grants Ecopetrol a 10% stake in the Saturno block, located in the central region of the Santos basin, which was assigned to Shell and Chevron last September 28th in the Fifth Pre-Salt Round held by the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP).

The agreement provides access the Saturno block and is subject to approval by Brazil's Ministry of Mines and Energy and the ANP, as well as other customary closing conditions for this kind of deals, was signed by the three companies in R?o de Janeiro.

The Saturno block consists of 1,100 square kilometers and is located off the coast of the states of S?o Paulo and R?o de Janeiro. The consortium originally made up of Shell and Chevron executed a proposal with a production stake of 70.2% in favor of the Brazilian State. Ecopetrol holds a 10% interest in the block's new composition, while Shell, the operator, and Chevron each hold a 45% interest.

Ecopetrol's stake in this new block is in addition to the one it won in another block in the Santos basin of Brazil's Pre-Salt Region, together with two other companies. Ecopetrol holds 20% of the Pau-Brasil exploratory block, while the Chinese company CNOOC holds 30% and the operator BP holds 50%.

With the addition of these two Pre-Salt blocks, Ecopetrol is now active in five blocks in Brazil, located in the Santos, Foz de Amazonas, Potiguar and Cear? basins.


Finland >>  11/1/2024 - Fortum has signed an agreement to sell its turbine and generator services to industrial technical services provider Elcoline Group Oy.

The ...

India >>  11/1/2024 - Crown LNG Holdings Limited (“Crown” or “Crown LNG”), a leading provider of LNG liquefaction and regasification terminal technologies for harsh weather...

Namibia >>  11/1/2024 -  Global announces its financial results for the year ended 30 June 2024.

Summary

Operational
· The focus ...

Namibia >>  11/1/2024 - Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") is pleased to announce that its investee company Impact Oil & Gas Limited (“Impact”) has compl...

Namibia >>  11/1/2024 - Impact Oil & Gas Limited (“Impact” or the “Company”), a privately-owned, Africa-focused, exploration company is pleased to announce that following rec...
Norway >>  11/1/2024 - Vår Energi ASA completes the sale of its 20% interest in the Bøyla field to Concedo AS for an after-tax consideration of USD 24 million.

Th...


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 © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.