PTTEP makes its first investment in Brazil deepwater

Posted on 09 April 2014

A subsidiary of Thailand’s PTTEP has signed a farm-in agreement with BG E&P Brasil for four predominantly deepwater blocks, marking PTTEP’s initial foray into South American E&P. “The signing of this agreement with BG Brasil is a significant and the first step for PTTEP to expand its investment in South America, which is one of the highest potential oil resources of the world,” Tevin Vongvanich, PTTEP President and CEO, said.

The four exploration blocks – BAR-M-215, BAR-M-217, BAR-M-252 and BAR-M-254 – cover approximately 3,077 sq km in the northeastern deepwaters of the Barreirinhas Basin offshore Brazil.

Upon approval of the deal by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels, PTTEP Brasil will hold 25% interest while operator BG Brasil will hold the remaining 75%. The companies plan to conduct 3D seismic surveys of the area to assess its preliminary potential. “This year, the joint venture partners plan to commence a multi-client 3D seismic survey in the four blocks,” Mr Vongvanich said.

PTTEP currently has more than 40 E&P projects in Southeast Asia, Middle East, Africa, Australia, North America and now also South America.

Leave a Reply

*

FEATURED MICROSITES


Recent Drilling News

  • 25 November 2014

    Prescriptive Analytics prescribes how to complete wells to maximize production

    "Big data" is taking on a new role in industry, where companies are combining the findings from geology and geophysics with new data collected from advanced technologies...

  • 25 November 2014

    Petrobras completes drilling first appraisal well in Libra Consortium

    Petrobras recently completed drilling the first appraisal well in the Libra area, the 3-BRSA-1255 (3-RJS-731), known as NW1. Located in the Northwest portion of the Libra block, in the pre-salt layer of the...

  • 24 November 2014

    Ensign secures contracts for 2 ADR 1500S pad drill rigs in Montney area

    Ensign Energy Services has signed contracts for two of its new ADR 1500S pad drill rigs for a major operator in the Montney area of northeast British Columbia...

  • 21 November 2014

    Statoil cancels Stena Carron rig contract offshore Angola

    Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola...

  • 19 November 2014

    Stepwise approach guides Statoil’s North American onshore path

    When Statoil entered the North American onshore industry in 2008, it was a non-operator in a joint venture (JV) with Chesapeake in one shale play. Since then, Norwegian-based…

  • Read more news