Companies Pledge US$11mn to Revamp Mature Fields

Companies that last week won operating rights to 11 mature fields in Brazil have pledged to invest at least 24mn reais (US$11mn) total in the coming two years, hydrocarbons regulator ANP said in a statement.

ANP raised 10mn reais in entrance fees from nine companies to revamp mature fields at a June 28 auction.

ANP offered mature onshore fields currently not producing. The regulator thinks the fields could start producing with new technology.

Brazilian engineering company Proeng pledged the largest investment with 6.56mn reais for the Sao Joao field in the Barreirinhas basin.

US company Koch pledged some 900,000 reais to develop the Crejoa field in the Espirito Santo basin.

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