Petrobras, Sonangol sign PSCs

Offshore staff

LUANDA, Angola -- Petrobras and Sonangol have signed production sharing contracts for blocks 6/06, 15/06, 18/06, and 26 offshore Angola.

Block 6/06 is in the shallow waters of Kwanza basin and has a total area of 4,930 sq km. The initial phase of the contract provides for obtaining 3D seismic data and the drilling of two exploration wells. Petrobras is the operator and retains 40% of the rights.

Block 18/06 has an area of 4,611 sq km in deepwater of the Lower Congo basin. Petrobras is the operator and has a 30% stake. For the initial phase, the contract provides for obtaining of 3D seismic data and the drilling of seven exploration wells.

Block 26 covers 4,838 sq km off the southernpart of Angola, in deepwater n the Benguela basin. This area is at the exploration limit and Petrobras' interest is based on integrated geological and geophysical data for the block, along with similarities to oil-bearing areas off the coast of West Africa and the east of Brazil. Petrobras will be the operator and will have 80% of the rights. The contract provides for the obtaining of seismic data and the drilling of two wells.

Block 15/06 also is in the Lower Congo and covers 3,025 sq km. Petrobras will be a nonoperating partner, with 5% of the rights.

11-06-06