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Maersk Oil Farms in to Exploration Wells

Source: 3/31/2010, Location: South America

Maersk Oil has reached an agreement to farm in with a 20% non-operated interest in licence BM-C-34 offshore Brazil from Devon subject to regulatory approvals. The planned activities include drilling of up to four exploration wells.

The BM-C-34 licence is located in the Campos basin 150 kilometres off-shore Brazil with water depths from 2300–2700 metres.

Devon has recently announced the sale of their remaining 30 percent interest and operatorship in the BM-C-34 licence to BP as part of a larger deal comprising all of Devon’s Brazil assets while Petrobras remains as partner with a 50 percent interest.

“This farm-in fits very well with our ambition to increase our exploration activities offshore Brazil and offers an opportunity to enter the prolific deepwater plays in the Campos Basin,” says Lars Nydahl J?rgensen, Head of Exploration in Maersk Oil.

“Recent discoveries off-shore Brazil, show that there is significant potential, which is why we are interested in expanding our presence in the area,” adds Lars Nydahl Jorgensen.

Maersk Oil has been active in exploration activities in Brazil since 2001. Apart from BM-C-34, Maersk Oil currently holds interest in five licences: a 35% operated interest in the BM-S-29 licence situated in the Santos Basin, approximately 350 km southwestof Rio de Janeiro, with OGX, a Brazilian company, who holds the remaining 65%, a 50% operated interest in licences BM-C-37 and BM-C-38 in the South Campos Basin, with OGX as 50% equity partner, and a 30% non-operated interest in licences BM-S-66 and BM-S-67 in the South Santos Basin, operated by Petrobras (50%).

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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 

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