World
Institutional
links
Welcome back on
26 -29 August,
ONS 2008
Bridging
the energy gap
is ONS 2006 theme,
from 22-25 August,
in Stavanger, Norway
Petroleumworld
Business
Partners:
Centre for
Global Energy
Studies
  |
Petrobras reels in 22 U.S. Gulf blocks
HOUSTON
Petroleumworld.com, Mar 24, 2008
Petrobras was the highest bidder for 22 U.S. Gulf of Mexico blocks in the Minerals Management Service's Lease Sale 206. Petrobras said it was well positioned among the main bidders and made a total investment in the order of US$178.9 million. Of the 22 blocks, Petrobras secured 100 percent stakes in 11 blocks and will operate them. The remaining blocks were acquired in a 50/50 partnership with Devon Energy. Petrobras will operate four of them, while its partner will operate the other seven.As in the lease sale held in October 2007, when it was the highest bidder for 26 blocks, Petrobras concentrated its bids on deep and ultradeep waters. The company boosted its position in these areas, which are the focus of its activities in the Gulf of Mexico, particularly the Walker Ridge, Mississippi Canyon, Green Canyon, Keathley Canyon and Atwater Valley areas. When MMS awards the new concessions, the deep and ultra-deep water exploratory project portfolio will total 221 blocks, 157 of which operated by Petrobras.
Participation in Lease Sale 206 is aligned with the demands of Petrobras' Strategic Plan, which calls for international growth through investments made in priority areas, such as the American sector of the Gulf of Mexico. As a result, Petrobras strengthens its position as one of the leaders of exploration in deep and ultra-deep waters in the region.
Petrobras holds stakes in four of the most important discoveries made in the Lower Tertiary reservoirs in the Cascade, Chinook, Saint Malo, and Stones fields, in the Walker Ridge Quadrant. The Cascade and Chinook fields, currently in the development and facility construction stage, are operated by Petrobras, which will be the first to use of a floating production, storage and offloading vessel that is expected to go online in June 2010.
Petrobras' 2008-2012 investment plan for the United States foresees a total expenditure of US$4.9 billion, to be invested in exploration, production and refining activities.
Story from Energy Current
Energy Current 20 03 08Copyright© 2008 respective author or news agency. All rights reserved.
We welcome the use of Petroleumworld™ stories by anyone provided it mentions Petroleumworld.com as the source. Other stories you have to get authorization by its authors.
Your feedback is important to us!
We invite all our readers to share with us
their views and comments about this article.Write to editor@petroleumworld.com
Any question or suggestions, please write to:
editor@petroleumworld.com
Best Viewed with IE 5.01+
Windows NT 4.0, '95, '98 and ME +/ 800x600 pixels