Brazil's Odebrecht Oil Unit to Drill in Angola's Block 16
RIO DE JANEIRO (Dow Jones Newswires), November 5, 2008
The oil and gas unit of Brazilian construction conglomerate Odebrecht plans to spend $100 million drilling test wells next year in a promising exploration block in Angola, the company's vice president told Dow Jones Newswires on Wednesday.
Odebrecht will drill four wells in Block 16 offshore Angola, said Miguel Gradin, vice president of Odebrecht Oil & Gas Ltd. Odebrecht holds a 15% stake in the offshore block, which is surrounded by blocks containing recent discoveries and producing wells.
"I hope we are going to have a lot of success," Gradin said.
Maersk Oil is operator of the block with a 50% stake, while Angola's state oil company, Sonangol, has a 20% share. Devon Energy owns the remaining 15% of the block.
Gradin also said that Odebrecht remains interested in purchasing additional exploration and production concessions in the West African nation. Angola's government plans to restart the sale of concession blocks in 2009.
"We'll have to wait and see what is available, and what opportunities exist," Gradin said.
Angola is a natural fit for Odebrecht Oil & Gas's expansion plans. The parent company employs about 30,000 people in the country, which shares the Portuguese language with Brazil, Gradin noted.
Copyright (c) 2008 Dow Jones & Company, Inc.
- US Shale Producers Promise both Higher Output and Returns (Nov 03)
- Devon Energy 3Q Profit Beats Estimates (Oct 31)
- Shale Drillers Show Few Signs of Slowing as Profits Expand (Aug 02)
Company: Maersk Oil & Gas more info
- Maersk Oil CEO To Step Down After Total Takeover (Sep 27)
- Maersk Stands to Get Another $7.5 Billion for Energy Divestments (Aug 21)
- Fars News Agency: Maersk Sees Up To 140,000 Bpd Potential For Iran Field (Aug 01)
Company: Odebrecht more info
- Odebrech's OOG to Honor Bond Payment a Week After Deadline (Mar 31)
- Peru Says It Will Nix Key Odebrecht Contract If Won Through Bribes (Dec 27)
- Odebrecht Oil & Gas To Miss Perp Interest Payment (Mar 17)