Petrobras, Vale to explore BM-ES-22 concession offshore Brazil
June 26, 2009
Petrobras has signed a Memorandum of Understanding with Vale that establishes the framework for a partnership to explore and produce oil and natural gas in part of the BM-ES-22 concession off the northern coast of the state of Espírito Santo.
Offshore staff
RIO DE JANEIRO – Petrobras has signed a Memorandum of Understanding with Vale that establishes the framework for a partnership to explore and produce oil and natural gas in part of the BM-ES-22 concession off the northern coast of the state of Espírito Santo.
The concession is formed by the ES-M-466, ES-M-468, ES-M-527, and ES-M-523 blocks acquired by Petrobras at the National Petroleum Agency’s (ANP) sixth bidding round. The blocks are situated in water depths between 1,000 m and 2,000 m (3,281 ft and 6,562 ft) and exploration is focused on the post-salt section.
The object of the memorandum is to establish the basis to negotiate the transfer of 25% working interest in the blocks ES-M 466, ES-M-468, and ES-M-527 to Vale and assure the exclusive right for Vale to acquire the participation of theses blocks during the tenor of the memorandum. The final conditions of the negotiation have to be submitted for the approval of the ANP.
The joint participation in the BM-ES-22 concession will be add to the partnerships already set with Vale in 22 other exploratory blocks in the Espírito Santo and Santos basins, and in the offshore (Pará-Maranhão basin) and onshore (Parnaíba basin) frontier exploration areas.
