QGEP Receives ANP Approval for the Operatorship and Transfer of Rights at Block BS-4

abarrelfullabarrelfull wrote on 22 Apr 2015 12:25

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February 24th, 2012

QGEP Participações S.A. (BMF&Bovespa: QGEP3), today announced it has received approval from the Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP) for the transfer of a 30% participating interest as well as operatorship at Block BS-4. The other consortium members are Petrobras (40%) and Barra Energia (30%).

On August 24, 2011, the Company announced it had entered into a purchase and sale agreement for the acquisition of a 30% participating interest in Block BS-4 for US$157.5 million from Shell Brasil Petroleo Ltda. The Block, located in the Santos Basin, encompasses the heavy oil fields of Atlanta and Oliva, which together present a total volume of more than two billion of barrels of oil in place. Furthermore, the Block presents potential for pre-salt discoveries, as it is in close proximity to the important fields of Libra and Franco.

“Block BS-4 presents a significant increase in QGEP’s production potential for the medium-term. With a highly qualified technical team in place, we’ll be working to leverage the production of this asset. These recent approvals represent a very important step for QGEP as we exercise our “Type A” operator qualification,” said Danilo Oliveira, QGEP’s Production Director.

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