Vale Invests in Natural Gas Exploration

Source: www.gulfoilandgas.com 1/22/2009, Location: South America

Vale informs that it is negotiating with Woodside Energia Investimentos em Exploraçao de Petroleo Ltda ("Woodside") the acquisition of half of its stake in the consortium BM-S-48 and BM-S-55, formed to explore natural gas in the Santos Basin, Brazil.

The consortium, currently composed by Repsol YPF (40%), Petrobras (35%) and Woodside (25%), includes the Panoramix exploration well, where evidences of hydrocarbon were found. The acquisition is pending on the approval of the Brazilian regulatory agency for the oil and gas industry, Agência Nacional de Petroleo, Gas Natural e Biocombustiveis (ANP).

The exploration of energy sources, including natural gas, is part of Vale's strategy of diversification and optimization of our energy matrix, aiming to reduce costs and mitigate risks.

For more information about related Opportunities and Key Players visit Brazil Oil and Gas Projects


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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 

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