Parnaiba Gas Natural & ENGIE Awarded 2 Blocks in the 13th Bidding Round

Source: www.gulfoilandgas.com 10/7/2015, Location: South America

Parnaiba Gas Natural (PGN) informs that the consortium composed by PGN (65%, operator) and ENGIE (35%, through its affiliate GDF SUEZ E&P Brasil Participaçoes Limitada) acquired exploration blocks PN-T-101 and PN-T-103 in Brazil's 13th Bidding Round organized by the Brazilian National Petroleum, Natural Gas and Biofuels Agency (ANP).

The Concession Contract, which is due to be signed before the end of 2015, establishes that the exploratory phase will take four years. In this period, the consortium has to fulfill all the requirements contained in the Minimum Exploration Program (MEP). The MEP commits the consortium to implement 7,003 work units.

The consortium also has to comply with percentages of local content, in every phase of the project, offered in the bid.

The blocks are located in the Parnaiba basin, where PGN already operates.

“With the acquisition of these blocks PGN reinforces its position as Brazil's largest private operator and producer of onshore natural gas”, said Pedro Zinner, PGN's Chief Executive Offer. According to the CEO, “PGN's strategy is to follow a sustainable growth path, backed by a solid business and investment plan”.

“As we expand and renovate our portfolio, we have also established a strategic partnership with a global player which has much to contribute to exploration and production activities in Brazil”, Zinner added.

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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