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Brazil: Ecopetrol to join PanAtlantic on Santos blocks

Ecopetrol of Colombia said its Brazilian subsidiary will acquire a 30% interest in three Santos basin exploration blocks offshore Brazil from PanAtlantic Energy Group, formerly Vanco Overseas Energy Group, Houston.

Ecopetrol’s acquisition of the interest in the BM-S-72, BM-S-63, and BM-S-71 blocks, formerly SM-1100, SM-1036, and SM-1035, respectively, is subject to ANP approval.

PanAtlantic through its Brazilian subsidiary will retain a 40% working interest in the concessions and continue as operator for a three-well drilling campaign that started July 7 with the spud of the Sabia-1X well on BM-S-72. The other participants are Panoro Energy ASA 15% and Brasoil Round 9 Exploracao Petrolifera Ltda. 15%.

Ecopetrol established the subsidiary Ecopetrol Oleo e Gas do Brasil Ltda. in 2006. The new Santos basin blocks will add to the company’s Brazil portfolio that includes participation in offshore exploration activities on eight blocks in the Para-Maranhao, Campos, and Santos basins.

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