Petrobras Expands Presence in Angola

Petrobras says that following a tender bid organized by the Angolan state oil company, Sonangol, it successfully obtained a stake in 3 Angolan exploratory blocks, namely blocks 6, 26 and 15. Petrobras is to be the operator for blocks 6 and 26.

In the case of the shallow-water block 6, the work to be carried out by Petrobras over the next four years will focus on establishing the economic feasibility of a hydrocarbons reservoir originally discovered about twenty years ago as a result of special technology developed by the Company's Research Center - CENPES, and investigating further exploratory prospects for drilling and expansion of reserves.

Block 26, located in the deep waters of the Benguela Basin in southern Angola, is at the current exploratory frontier where the Company is to conduct exploratory drilling over the next few years. These operations will be based on the integration of geological and geophysical data and analogies with hydrocarbons models for the west coast of Africa and the east coast of Brazil.

Block 15 is constituted by an area not yet investigated in Angolan deep-waters. This area is located in a perimeter which has oil fields with reserves of about 3.5 billion barrels and production of about 600 thousand barrels of oil/day. The new area therefore has major potential for new discoveries and has generated considerable interest and competition among the oil companies.

Present in Angola since 1979, Petrobras currently has a stake in Block 2, with its own production of 6,500 barrels/day and exploratory activities in the deep water Block 34.

The inclusion of the three new exploratory blocks in its portfolio is closely aligned to the Strategic Plan and represents a new phase in the Company's business in Angola, where it will now take on a new role as operator.