El Paso Could Speed up NatGas Projects in Brazil
US energy company El Paso (NYSE: EP) could speed up the development of Brazilian natural gas production projects, local press quoted country manager Eduardo Karrer as saying.
The decision to speed up projects will depend on new gas discoveries in its exploration acreage in Brazil.
El Paso has interest in 15 exploration blocks in the country and has already announced plans to invest US$90mn in 2006 to drill seven wells in five of them.
It is also planning to drill other wells in the Pescada and Arabiata fields in northern Brazil.
The effects of nationalization of Bolivia's hydrocarbons reserves has increased interest in the expansion of natural gas production in Brazil, Karrer said.
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