Brazil’s Petrobras signs four agreements for oil exploration in Angola

6 November 2006

Rio de Janeiro, Brazil, 06 Nov – Brazilian state oil giant, Petrobras Friday signed four oil and gas exploration and production contracts with Angolan state oil company, Sonangol, the Brazilian company said.

In a statement, Petrobras said that the signing had taken place in Luanda, Angola a country which represented, “one of the company’s investment priorities.”

The four contracts are for four exploration blocs, located in shallow and deep waters off the Angolan coast.

Petrobras will have stakes in these blocs varying from 5 percent, in bloc 15/06 and 80 percent in bloc 26.

The statement added that on signing these contracts Petrobras entered a new stage in Angola, where it will act as operator for the first time. (macauhub)