Brazil’s Petrobras to apply for gas exploration tender in Egypt

3 March 2006

Rio de Janeiro, Brazil, 03 March – Brazilian oil and gas company Petrobras plans to put forward a proposal for gas exploration in two area of Egypt, the state company said Thursday.

The proposals will be handed in to the Egyptian government by the end of March for exploration of two offshore areas located on the left bank of the Suez Canal.

Petrobras’ director for the supply sector, Paulo Roberto Costa, said that the Egyptian government had not as yet published a date on which results of the tender will be known.

At the end of February, Petrobras won a public oil tender for drilling in deepwater in the Black Sea, in Turkey.

Production will go ahead in partnership with Turkish state oil company, Türkýye Petrollerý Anoným Ortaklidi (TPAO).

In 2005, Petrobras posted record profit of US$23.7 billion real (9.4 billion euros), a 40 percent increase on 2004.

Investments by the Brazilian state company this year are planned to total 15 billion euros, a 47.8 percent increase on 2005. (macauhub)