Petrobras Secures 3 Offshore Portugal Blocks

Petrobras announced that its wholly-owned subsidiary Petrobras International Braspetro BV (PIB-BV) signed an agreement with the Government of Portugal for hydrocarbon exploration in deep waters in the Alentejo Basin, in Portugal.

Under the agreement, already approved by the Portuguese Government, Petrobras will have 50% stakes in the Gamba, Lavagante, and Santola Blocks, and will be the operator of the three blocks. The area of the blocks covers an area of some 9,000 square kilometers, where depths range from 200 to 3,000 meters.

These new projects add to four other blocks already operated by Petrobras off the coast of Portugal, in partnership with Galp and Partex and located in the Peniche Basin.