Brazil’s Petrobras to Explore Deep Water Oil Off Nigeria Coast

In an international auction sponsored by the Nigerian government, Petrobras succeeded in knocking down one of the 85 deep-sea exploratory blocs in Nigerian waters by offering a US$ 180 million bonus.

According to information contained in a note distributed by the company, Petrobras will operate the bloc and own a 45% share. Its partners in the enterprise are the Norwegian company, Statoil, also with a 45% share, and the Nigerian Ask Petroleum System, with a 10% share.

The note also reports that the bloc covers an area of 1,030 square kilometers in the northwest region of the Niger River Delta Basin, at a depth of 1000-1200 meters.

The bloc, which is near the city of Lagos, has a geological setting similar to that of the huge Bonga and ERHA oil fields and the Abo field, which is already in production.

Nigeria is considered by Petrobras as one of its "focus areas," where the company plans to prioritize part of the US$ 7.1 billion it will invest between now and 2010, as indicated in its Business Plan announced a few days ago.

Petrobras already participates in three other deep-sea blocs in Nigeria. Petroleum has been discovered in two of them, the giant fields of Akpo and Agbami, which should begin production in 2008, making Petrobras Nigeria one of the largest producers in the Petrobras System outside Brazil.

Knocking down another bloc in Nigeria is consistent with the priorities defined in the company’s Strategic Plan, to expand its activities in deep and very deep waters off the West African coast.

Agência Brasil

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