Woodside Energy Ltd., a wholly owned subsidiary of Woodside Petroleum Ltd., has agreed to acquire from Repsol-YPF a 25% interest in nine exploration blocks in the Santos Basin off south-eastern Brazil.
Assignment of the interest is subject to the prior approval of Brazilian authorities.
The blocks, awarded to Repsol-YPF in Brazil’s 2005 licensing round, are about 180km south-east of Sao Paulo in water depths of 150 metres to nearly 1000 metres and cover 2060sqkm.
Under the agreement, Repsol-YPF will operate the blocks – S-M-506, S-M-616, S-M-617, S-M- 670, S-M-673, S-M-674, S-M-675, S-M-728 and S-M-789. Woodside’s commitment in the first exploration term of four years covers its share of three-dimensional seismic acquisition and one exploration well. A one-year extension of the exploration term is possible.
The agreement is consistent with Woodside’s strategy to have several exploration opportunities cycling through the business with significant potential upside, attractive fiscal terms and competitive entry cost.
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