Brazil’s Petrobras Deepens Oil Exploration in Africa

Petrobras will participate as an operating company in a consortium of foreign firms to explore for petroleum in Angola. This venture will increase the Brazilian company’s presence in Angola.

Last week Petrobras announced that it had been granted concessions to explore three blocs there in shallow and deep waters.

The consortium will explore bloc 18, located in deep waters and known to contain approximately 750 million barrels of petroleum reserves. The group will operate in an unexplored part of a sector of petroleum fields that offer the potential for new discoveries.

The other members of the consortium are Sonangol Sinopec International (40%), Sonangol P&P (20%), Falcon Oil (5%), and the Gema Group (5%).

The consortium will pay a signing bonus of US$ 1.1 billion for concession rights, with each partner disbursing an amount proportional to its ownership share.

Petrobras affirms that expanding its participation in exploratory blocs in Africa is in line with its corporate plan to add to its portfolio of exploratory projects in Angola, one of the most competitive countries in the global petroleum industry.

ABr

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