Partex studies application for new oil concessions in Brazil

7 June 2006

Sao Paulo, Brazil, 07 June- Partex Oil & Gas is looking into taking part in the next public tender for acquisition of new oil concessions in Brazil, the chairman of the company said Wednesday.

António Costa Silva said that taking part in the next public tender due to take place in August of this year, would depend on the potential of the areas offered by the Brazilian regulator.

“We are studying the possibility, but we want to acquire new concessions for production,” Costa Silva said on the sidelines of a meeting on energy with Portuguese-Brazilian business people, which took place in Sao Paulo.

Partex, which has been in Brazil for five years, currently has 10 onshore and offshore concessions in partnership with Petrobras and one with British Gas.

Investment by Partex so far has totaled US$34 million on acquiring the concessions and prospecting work, the chairman said.

By the end of July, the company will announce the result of its analysis of production potential of a bloc in the Santos Basin, 240 kilometers off the cost of Sao Paulo state, in southeast Brazil.

It is the deepest well ever drilled by the world oil industry, at round a depth of 7.620 meters.

If the well ahs production potential, the beginning of production in the bloc is projected for 2012, while the remainder of Partex’s concessions are still in the final stages of prospecting. (macauhub)