Petrobras Evaluates Data For Oct 3 Gulf E&P Auction
Published August 24th, 2007
Brazil’s state-run oil firm, Petroleo Brasileiro SA (PBR), or Petrobras, is evaluating geological and geophysical data to participate in an Oct. 3 auction of oil and gas blocks in the central and eastern Gulf of Mexico.
The U.S. Mineral Management Service, or MMS, will hold the auction called Lease Sale 205, Petrobras said in a late Thursday release.
The company on Monday purchased stakes in 34 blocks in the western Gulf region for $29.3 million. Petrobras acquired a 100% operating stake in 20 of the blocks and will hold a 50% stake in the remaining 14 blocks, which will be operated by Devon Energy (DVN).
The blocks are located in Petrobras’ performance focus area in the Gulf: 13 in shallow waters for deep natural gas exploration, and 21 in deep and ultra-deep waters in the East Breaks, Alaminos Canyon, and Keathley Canyon quadrants for oil exploration.
With the new blocks, Petrobras will hold stakes in 313 blocks in the Gulf, 177 of which are operated by it.
The Brazilian company has chosen the U.S. Gulf of Mexico as on of its main areas of overseas expansion. Petrobras in July produced only 10,799 barrels of oil equivalent, or BOE, a day of oil and gas in the U.S., but expects to boost its U.S. output to 130,000 BOE/d in 2013.
Related Articles
