Brazil to offer 10 areas in mature oil licensing round

Thursday, September 29, 2016

Companies will bid for rights to develop 10 inactive fields at Brazil's next oil and gas licensing round, industry regulator ANP said on Thursday.

Areas included in the round are Garça Branca, Rio Doce and Rio Mariricu in the Espírito Santo basin; Iraúna, Noroeste do Morro Rosado and Urutau in the Potiguar basin; and Araçás Leste, Itaparica, Jacumirim and Vale do Quiricó in the Recôncavo basin.

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ANP said plans to include the Riacho Alazão, Conceição da Barra and Fazenda Sori fields were scrapped for technical and environmental reasons.

Proposed bidding and contract terms have been put to a 45-day public consultation, to be followed by a public hearing on November 21, the regulator said.

"Areas with marginal accumulations were selected in mature basins, with the objective of increasing knowledge of the sedimentary basins and providing opportunities to small and medium-sized enterprises, enabling the continuity of activities which play an important socio-economic role," ANP said.

ALSO READ: Boom to bust: Brazil oil discoveries hit 18-year low

In other sector news from Brazil, Karoon and Pacific Exploration and Production reached agreement whereby the latter will sell its 35% interest in the jointly held Santos basin exploration blocks S‐M‐1037, S‐M‐1101, S‐M‐1102, S‐M‐1165 and S‐M‐1166 to the former for up to US$20.5mn.