He said that the company is cutting back on the number of operations personnel since spudding activities have ceased. He said that Brazil is still considered a strategic area and would consider joint venture or farm-in opportunities.
The company is not taking part in the 5th Licensing Round in Brazil and is also planning to withdraw from a block being development in partnership with BP in the Amazon.
Total has drilled four wells at one of its blocks in Campos basin and found heavy 17 API grade oil at a depth of 2,400 meters. It is still evaluating the find to define the reserves and see if the project is viable. At another block, the company has finished collecting seismic data and is assessing it.
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