CEPSA Awarded Two Deepwater Exploration Blocks in Offshore Brazil

abarrelfullabarrelfull wrote on 21 May 2013 18:12
Tags: brazil cepsa s-america upstream

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CEPSA is pleased to announce that it has been successful in winning both of the hydrocarbon exploration blocks for which it submitted bids in the 11th Bid Round organized by the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP), and will acquire a 50% working interest in each of these two blocks in partnership with the British oil company Premier Oil, which will be the operator. In this most recent licensing round in Brazil, 142 blocks were awarded out of a total of 289 E&P blocks offered.

The Ceará basin is a Cretaceous rift basin with a proven oil source rock. The minimum work commitment program includes seismic surveys and the required exploration wells.

In Block 717, 3D seismic acquisition will be performed over 300 km2. In Block 665, located in an area where a large play has been identified, 3D seismic will likewise be conducted on 1000 km2 to assess its potential.

These new exploration licenses will play a key role in CEPSA’s strategy of expanding its upstream activities and diversifying its portfolio, and will strengthen and enhance its position in Latin America, representing a major opportunity and significant leap forward in offshore operations.

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