South America-focused Andes Energia announced Monday that it has signed a deal that will see it explore onshore basins in Brazil.
Andes said it has signed a joint venture agreement with Imetame Energia – a Brazilian company with exploration and production assets in Brazil. The deal will see the two companies explore some of Imetame's operated exploration assets.
Imetame has already made oil and gas discoveries in the Reconcavo, Parnaiba and São Francisco basins, according to Andes, and the firm recently won seven new blocks in the 11th Brazil Bidding Round held last month.
Andes CEO Alejandro Jotaya commented in a company statement:
"This step in the company's development is a crucial part of Andes' diversification growth strategy in highly competitive and valuable markets. This agreement signals a presence in Brazil, one of the more attractive economies of the world with enormous hydrocarbon potential which can deliver immediate value to shareholders."
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