PennzEnergy joins exploration and development rush in Brazil

Pennsenergy's Brazilian Block [91,828 bytes] PennzEnergy Co., Houston, is the latest entrant in the scramble to participate in exploration and development in Brazil. Legislation that Brazil enacted in 1997 to end the 43-year-old monopoly of state petroleum firm Petroleo Brasileiro SA has spawned a rush among foreign firms to participate in Brazilian E&D, including joint ventures with Petrobras (OGJ, Sept. 14, 1998, p. 33). PennzEnergy last month signed a participation agreement with Petrobras that calls for joint exploration of Block BSeal4 in the Sergipe-Alagoas basin off eastern Brazil. PennzEnergy has a 30% working interest in the block and w...

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