Petrobras, Petroperu to Decide on Maranon Exploration November 2008

Peru's state oil company Petroperu and Brazil's federal energy company Petrobras (NYSE: PBR) have until November 2008 to decide whether to convert the technical evaluation agreements (TEAs) on six blocks in Peru's Maranon basin to exploration contracts, a Petrobras spokesperson told BNamericas in an email.

The TEAs were signed in November 2005.

The pre-exploration stage to be carried out between the companies consists of magnetometry and magnetogravimetry works, the spokesperson said.

The pre-exploration stage is meant to define the positions of basins and sedimentary deposits but not structural traps, the spokesperson said.


Colombia's state oil company Ecopetrol likely will join the companies in their exploration efforts.

"Initially, [Ecopetrol] didn't enter because the agreement with Petrobras was already very advanced. Once again, the opportunity for Ecopetrol to participate has presented itself and it's very probable that it will happen," the spokesperson said.

If Ecopetrol signs on, a technical evaluation will be needed to determine which of the six blocks to develop following approval from each of the companies.

After the evaluations, the companies would define what participation each would have in the blocks.

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