Petrobras Expands Acreage Position in Angola

Petrobras has formed a consortium with Sinopec, Sonangol, Falcon Oil and Gema Group for the exploration of deepwater Block 18, offshore Angola.

Block 18, located in deepwater, has already presented several strikes, totaling oil reserves of approximately 750 million barrels, developed by another consortium. Its remaining area, not yet explored, is part of the most prolific oil field alignment and presents excellent potential for new discoveries. The consortium, that now holds the right to explore the remaining area of Block 18, will disburse US$ 1.1 billion in signature bonus for the concession rights, to be paid proportionally to each partners' interest.

With the participation in this consortium, Petrobras will have interests in six blocks, being one of production (Block 2) and the others, exploratory blocks. Concerning these blocks, Petrobras will be the operator in three of them: Blocks 6 and 26 and the current remaining area of Block 18.

Aligning with its Strategic Plan, Petrobras aims at increasing its exploratory projects portfolio in Angola, which is one of the most competitive countries in the world in the oil industry.

Partnership interests in Block 18 are Petrobras (30%, operator), Sinopec (40%), Sonangol (20%), Falcon Oil (5%) and Gema Group (5%).

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