Coastal inks exploration deal off Brazil

07/12/1999
Coastal Corp. has signed joint operating agreements with Petroleo Brasileiro SA and other partners to begin exploration of two blocks in the Camamu basin off Brazil`s Bahia state.Coastal units Coastal BAS-97 Ltd. and Coastal BCAM-2 Ltd. will serve as operator of, respectively, Blocks BAS-97 and BCAM-2 (see map). Interests in both blocks will be: Coastal and Petrobras, 40% each; Unocal Camamu Ltda., 10%; and Cia. Brasileira de Petroleo Ipiranga, 10%. Click here to enlarge imageThe blocks were allotted to Petrobras by Brazil`s National Petroleum Agency under the country`s fledgling privatization program (OGJ, Jan. 25, 1999, p. 38). Petrobras is to develop these blocks jointly with private ...
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