Brazil’s Petrobras moves into oil exploration in New Zealand

2 June 2010

Sao Paulo, Brazil, 2 June – Brazilian oil company Petrobras Tuesday announced the acquisition of exploration rights to an area off the coast of New Zealand.

The acquisition was made by subsidiary Petrobras International Braspetro, in a public tender launched by the New Zealand government last January.

The agreement with the New Zealand government was made official Tuesday when the Brazilian state company was given permission to explore the area, the company noted in a statement. (macauhub)