Gulf Oil and Gas accountACCOUNT

Petrobras Purchases Participation in Equatorial Guinea

Source: www.gulfoilandgas.com 1/11/2006, Location: Africa

Petrobras communicates that the Government of Equatorial Guinea, in Western Africa, recently approved the Company's acquisition of a 50% participation in the Block L production division agreement. Located in the Muni River Basin's deep water portion, at depths ranging from 500 to 2,200 meters, the Block covers an area of 4,250 km².

The 50% participation in the Block L production division agreement was purchased from the current participants, whose new quotas are now distributed as follows: Chevron Equatorial Guinea Limited (22.5%); Amerada Hess Equatorial Guinea Resources Inc. (12.5%); Energy Africa Equatorial Guinea Limited (10%); and Sasol Petroleum International (PTY) Limited (5%). Chevron will remain the Block's operator, but Petrobras has the option to become the operator in the event of a commercial discovery. Block L is located near Block G, operated by Amerada Hess, where eight oil fields have been discovered, including the Ceiba Field, which is already in production.

Block L has an excellent potential to increase Petrobras' international reserves. The first exploratory well is scheduled to be drilled in 2006. If a discovery is made, production is likely to start in the beginning of the next decade, something that will contribute to Petrobras reaching its production goal abroad.

Acquisitions and Divestitures News in Equatorial Guinea >>

Australia >>  3/26/2020 - 3D Oil has announced that ConocoPhillips Australia and TDO’s wholly owned subsidiary, 3D Oil T49P have executed a Joint Operating Agreement ('JOA') in...
Australia >>  3/26/2020 - Real Energy, an Australian east coast focused gas company with interests in the Cooper and Surat Basins has announced that the Queensland Government h...

Georgia >>  3/26/2020 - Block Energy Plc has entered into a sale and purchase agreement ("SPA") with Schlumberger B.V. to acquire its subsidiary Schlumberger Rustaveli Compan...
Congo >>  3/24/2020 - Zenith Energy Ltd., has entered into a conditional Deed of Variation (the "Deed of Variation") to amend the terms of the consideration (the "Considera...

Falkland Islands >>  3/19/2020 - Rockhopper Exploration plc (RKH), the oil and gas exploration and production company with key interests in the North Falkland Basin, provides the foll...
Brazil >>  3/18/2020 - Petrobras, following up on the release dated 01/15/2020, announces the beginning of the binding phase regarding the sale of its entire interest in two...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Equatorial Guinea Oil & Gas 1 >>  2 |

Oil & Gas Projects in Equatorial Guinea >>

More News

Related Links

AO BJ BW CD CG CI CM DZ EG EH ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.