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MeneameBrazil's HRT Oil & Gas, a newly launched independent crude and natural gas E&P company, said it will invest US$260mn to explore the onshore pre-salt layer in Brazil's Amazonic Solimões basin over the next two years.
"There is a huge natural gas reserve there in an onshore pre-salt layer. We are already mapping the region, and we believe the Solimões basin will be the main natural gas source of Brazil," company CEO Marcio Mello told journalists in Rio de Janeiro.
According to the executive, the region's geological composition created vast reserves of natural gas in a pre-salt layer much older than Brazil's prolific offshore pre-salt cluster.
"The main difference is that we are poised to see higher reserves of oil in the offshore pre-salt area. In the Amazonic onshore one, we will get natural gas," Mello said, adding that the company would participate in upcoming rounds for offshore pre-salt blocks.
"The Solimões basin is just the beginning. We are going to expand to the offshore front, and that includes future pre-salt auctions," Mello said.
The company is planning to have six rigs operating in the Solimões basin by 2011, according to the executive.
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