Brazil’s Petrobras makes request to start oil production in “Iara” oil concession

31 December 2014

Brazilian oil company Petrobras has made a request to Brazil’s National Petroleum, Natural Gas and Biofuels Agency, to start production in the “Iara” area, Portuguese oil group Galp Energia, a partner in the consortium, said in Lisbon.

In a statement filed with the Portuguese Securities Market Commission (CMVM), Galp said that following an evaluation plan of the concession “three oil accumulations have been identified.”

The blocks where accumulations are located are 214 and 250 kilometres off the coast of Rio de Janeiro and contain light oil of high quality, according to the consortium.

Galp Energia, through its subsidiary Petrogal Brasil, has a 10 percent stake in the consortium that explores the concession area, which includes the area known as ​​”Iara”, and operator Petrobras has 65 percent and the UK’s BG Group has a 25 percent stake. (macauhub/BR/PT)