Coastal inks exploration deal off Brazil

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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