Exploration Investment in Sao Francisco Basin Seen at US$125mn

Brazilian and foreign companies are expected to invest US$125mn over the next six years to explore recently awarded blocks in the onshore inland Sao Francisco basin in Minas Gerais state, local daily Gazeta Mercantil reported.

Brazil's federal energy company Petrobras (NYSE: PBR), Brazilian geological research company Geobras, Argentina's Oil M&S and Britain's BG Group were awarded exploration licenses in the Sao Francisco basin in the seventh hydrocarbon licensing round held in December.

Brazil's hydrocarbons regulator ANP awarded 29 of the 43 blocks offered in the basin last year. The investments are calculated from the exploration proposals of the bid winners, Gazeta Mercantil reported.

The Sao Francisco is on of Brazil's longest rivers, crossing the inland state of Minas Gerais and flowing into the Atlantic Ocean in the country's northeastern region. There are reports of natural gas and oil seeping into the riverbed.

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