Operating licenses for blocs 6 and 26 are “new phase” for Brazil’s Petrobras in Angola

18 May 2006

Sao Paulo, Brazil, 17 May – The granting of operating licenses for Angolan oil blocs 6 and 26 to Brazilian oil company Petrobras is a “new phase” for the company’s activities in Angola, Petrobras said.

Last week Petrobras secured, through a proposal promoted by Angolan state oil company Sonangol, stake sin bloc 6 (40 percent) and 26 (80 percent), where it will be the operator, as well as disputed bloc 15 (5 percent).

In a statement issued Thursday Petrobras said its program of work for bloc 6, in shallow waters to the north of Luanda, would take 4 years and “will be focused on making an oil well discovered around two decades ago economically viable.”

This process, the company said, would imply the “application of special technologies, developed by the CENPES – Research Center,” as well as “research of new exploratory projects for drilling and increasing reserves.”

Bloc 26, in the Benguela basin, south of Angola, “is an border exploration area which will be the subject of exploratory drilling over the next few years, based on integration of geological and geophysical data and analogies, with oil models from the West African coast and the east coast of Brazil.”

Bloc 15, which will have Italy’s Eni as its operator, is located on the edge of a number of fields with estimated reserves of 3.5 billion barrels and production of around 600,000 barrels of oil per day, the Brazilian oil company said.

“With the inclusion of these three new blocs to its portfolio, Petrobras consolidates its position of sticking to its Strategic Plan and launches a new phase in Angola, where it will act as operator,” Petrobras said.

In Angola, Petrobras currently has a 27.5 percent stake in bloc 2, with its own current production of 6,500 barrels per day and exploration activities in bloc 34, located in a deepwater area. (macauhub)