Brazil’s Petrobras Wins 10 Bids to Prospect Oil in the US

Petrobras America, the Brazilian state enterprise’s subsidiary in the United States, knocked down ten exploratory blocs in the central zone of the US portion of the Gulf of Mexico, in an auction sponsored by the Minerals Management Service, a US regulatory agency.

According to a note released by the company, Petrobras America submitted bids for 17 blocs, involving investments on the order of US$ 22.3 million. It won ten, all located in very deep waters.

With these blocs, the petroleum giant reinforces its position as one of the leaders in deep-sea exploration in the region, in which it already possesses three of the Gulf’s most important discoveries, all of them currently in the delimitation stage.

Petrobras informed that it is also continuing to develop the Cottonwood field, located in the Garden Banks 244 bloc, in waters approximately 700 meters deep.

The start-up of gas production in this field, the first in which Petrobras, which owns 80% of the shares, acts as an operating company in the United States, is set for the first quarter of 2007.

Petrobras data indicate that this year Petrobras America intends to invest around US$ 305 million and that investments on the exploration and development of petroleum and gas production in the Gulf of Mexico region are expected to grow to US$ 1.5 billion by 2010.

Refiner of the Year

Petrobras – Brazilian Oil S.A. – receives this Wednesday, March 22, in Salt Lake City, United States, the Hart’s World Refining Refiner & Energy Company of the Year award, in the international category.

Granted by Hart Energy, an American consulting and publishing group in the area of oil and energy, the award will be handed to Petrobras Refining Executive Manager, Alan Kardec Pinto.

According to Petrobras press service, one of the aspects considered for selecting the company as the refiner of the year relates to the impact its products have on the environment.

In 2004, Petrobras was awarded the same Hart Energy prize for the first time.

Agência Brasil

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