Petrobras to Explore for Gas in San Carlos Block

Brazil's federal energy company Petrobras (NYSE: PBR) will explore the San Carlos natural gas block in western Venezuela's Cojedes state, Venezuela's state news agency ABN reported.

Exploration could begin by year-end, ABN quoted Venezuela's gas regulator Enagas president Jorge Luis Sanchez as saying. The Brazilian company has already started to collect and analyze seismic data from San Carlos.

Petrobras secured the rights to San Carlos from "an Argentine company," according to the report.

In June, Argentine oil company Pluspetrol, which is exploring two blocks in Cojedes, said it was going to develop San Carlos, but an Enagas map published earlier this year said Petrobras would develop the property.

Neither Sanchez nor Petrobras representatives were available for comment.

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