Petrobras Takes Stake in Deepwater Block Offshore Pakistan

Petrobras has signed an agreement with Oil and Gas Development Company Limited (OGDCL) to explore offshore block "G", in Pakistan. The block is located in the Indus offshore basin and remains largely unexplored, with a mere 11 wells having been drilled there.

Covering an area of nearly 7,400 square kilometers, with water depths of up to 2,000 meters, the block is located some 200 Km from Karachi, the biggest Pakistani city. Petrobras will hold a 50% participation, while the remaining 50% will be controlled by OGDCL, the Pakistani national oil company.

Petrobras has committed to undertake geological and geophysical studies that will allow a full model to be developed for the area's oil system. The company has the option to leave the agreement before drilling any wells.

Petrobras' arrival in Pakistan was motivated by the exploratory potential of the Indus offshore basin. Furthermore, while visiting Brazil, in 2005, president Pervez Musharraf manifested his interest in having Petrobras as a partner in offshore exploratory activities due to priority Pakistan has placed on discovering oil and natural gas reserves.

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