Andes Energia announces Brazil exit
Andes Energia has withdrawn from a joint venture to explore onshore oil and gas fields in Brazil, the London-listed company said on Friday.
The announcement comes more than two years after Andes secured a farm-in agreement with local firm Imetame to develop mature and frontier blocks in Brazil's northeast.
In a statement, Andes said the move would allow the company to focus on its operations in Argentina and Colombia.
"We have previously indicated that Brazil was not the focus of our development activities and we have now, mutually agreed with our partner in Brazil, to terminate the joint venture agreement without further obligations," the company said.
Located in the Potiguar, Sergipe-Alagoas and Recôncavo basins, the blocks were clinched by Imetame at Brazil's 11th oil and gas licensing round in May 2013.
Andes Energia's exit coincides with a sharp downturn in Brazilian oil and gas exploration activity.
An ongoing corruption scandal at state-run oil giant Petrobras has battered a local market already stricken by falling crude prices.
According to Riglogix, the number oil and gas drilling rigs operating in Brazil has fallen to 48 from 57 a year ago.
Petrobras slashed US$90bn from its five-year business plan in June, while a ratings downgrade to junk by Standard and Poor's has prompted forecasts of further cuts.
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