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

Tags:

You May Also Like

Robots Roam Where Humans Can’t Go in Brazil’s Amazon

In an area of approximately 370 square kilometers (143 square miles) of Amazon rain ...

Pope Benedict XVI

Lula Wants Pope to Show the World Brazil’s Good Social Policies

Brazilian President Luiz Inácio Lula da Silva announced this morning during his weekly radio ...

Brazilian Astronaut Will Pay Homage in Space to Santos Dumont, Father of Aviation

A Brazilian is just about to reach the final frontier: space. Marcos Pontes, the ...

Lula Says There Will Be No Coverup of Corruption in Brazil

Brazilian President Luiz Inácio Lula da Silva, speaking at the IV Global Forum on ...

Brazil’s Petrobras Workers Go on Strike and World’s Oil Prices Zoom Up

As if oil prices weren't high enough with Middle East tensions, market speculation and ...

President Lula’s Choices

Pressing problems faces his Excellency President Lula—who will run the central bank By John ...

Paraguay Wants at Least US$ 2 Billion from Brazil for Itaipu Energy

Brazil is expected to pay its South American neighbor, Paraguay, a bigger share of ...

Brazil’s Latest Bidding to Ensure Oil Self-Sufficiency Through 2015

Brazil’s Minister of Mines and Energy, Silas Rondeau, affirmed that the Seventh Round of ...

What World Should Expect from Obama & Dilma: The End of Poverty Through Education

Since the end of the Cold War, presidents have no longer been defenders of ...

Against All Hope, Brazil and US Push for Global Trade Agreement This Year

Brazil and the United States still believe it’s possible to salvage global trade liberalization ...