Petrobras Participates of The Deep Water Exploitation in Tanzania

Source: www.gulfoilandgas.com 6/7/2004, Location: Africa

Petrobras signed last Saturday (5th), an agreement with the govern of Tanzania and with the Tanzanian State owned company of petroleum TPDC - Tanzania Petroleum Development Corporation - that formally states its participation in the petroleum exploitation of the Block 5 of the Mafia Bay, with an extension of 9,250 Km2, in water from 300 to 3 thousand meters in depth. Petrobras had the Block 5 in the first round of biddings opened by the government of Tanzania in 2001, which negotiations for the closure were concluded now, with the signature of the production share agreement, in Dar es Salaam, the commercial capital of Tanzania. The Executive Manager of International Exploitation and Production, Joo Figueira , represented the Petrobras Board of Directors during the signature of the agreement.

The agreement for the operation in the block 5 involves an initial exploitation period of four years, foreseeing the reprocessing activities and interpretation of the existing seismic data, besides the realization of new seismic inquiries. In case it is of the company interest, Petrobras will be able to extend the agreement data for another 4 - year period, and after that, for another 3 - year period, with the commitment of drilling an exploitation well during each of these periods. The expiration dates can be accelerated, at the Petrobras criteria in case favorable exploitation conditions are confirmed.

The participation of Petrobras in this offshore exploitation at Tanzania meets the strategic plan guidelines of the company that foresees the selective expansion of its international performance in the areas in which offers competitive advantages, as it is the case of its technological domain and recognized capability in the deep and ultra deep water operations. In this way the company extends to the East of Africa, its presence in the African continent, where it keeps its activities of exploitation and production in Nigeria and Angola.



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