Petrobras signed four oil and gas exploration joint ventures with private Brazilian and foreign oil companies in January.
This totals 27 JVs signed by the firm since last year, Petrobras New Ventures Manager Dirceu Abrahao told OGJ. And a 28th agreement is in the works.
Petrobras and Chevron Corp. formed a JV to explore Block BC-20 in the Campos basin, off Rio de Janeiro state and Block BCUM-100 in the Cumuruxatiba basin, off Bahia state (see map). Petrobras signed another agreement with Brazilian firms Queiroz Galvao and Petroserv to develop Block BCAM-40, in the Camamu basin, off Bahia state, 50 km south of Salvador.
Petrobras has also formed a JV with a unit of Coastal Corp. for exploration of Block BPAR-10 in the southern state of Paraná, about 250 km northeast of Curitiba.
JV details
On Blocks BC-20 and BCUM-100, in what Chevron calls "Brazil's prolific salt basin," Petrobras will be operator and Chevron will have a 50% stake.
Block BC-20, with an area of 2,061 sq km, is in 200-2,000 m of water. The contract calls for acquisition of 1,000 sq km of 3D seismic and the drilling of two or three wells during the exploratory phase, with an initial investment of $48 million.
On Block BCUM-100, about 400 km south of Salvador, water depths range from 100 m to 2,100 m. The work program on the 4,238-sq km block calls for the acquisition of 30,000 line-km of 3D seismic and the drilling of two wells, with an initial investment of $38 million.
"We are highly optimistic regarding the potential of this acreage," said William Edman, president of Chevron Latin America. Chevron has also acquired data on the areas that will be auctioned in the National Petroleum Agency's second licensing round, to take place later this year.
On BCAM-40 Block, Queiroz Galvao will have a 55% stake, Petroserv 10%, and Petrobras 35%.
The exploratory phase calls for the drilling of one well, requiring investments of $4 million.
Abrahao said in January that Petrobras was in the final stages of negotiation with Queiroz Galvao for Campos basin Block BC-7. This block is in 25-700 m of water. Queiroz Galvao would be operator with a 30% stake.
During the exploration phase, the partners intend to acquire 5,000 line-km of 3D seismic and drill one well. Investments may reach $20 million.
On Block BPAR-10, covering 6,520 sq km, Coastal unit Coastal do Brasil Ltda. will be the operator with a 75% stake. During the exploratory phase, two or three wells will be drilled, with investments expected to reach $18 million.
"This is another step toward our goal of becoming a major player in the integrated natural gas business in Brazil," said Coastal Chairman and CEO David A. Arledge.
Coastal is also operator of Blocks BCAM-2 and BAS-96 in the Camamu basin, which it holds jointly with Petrobras, Unocal Corp., and Ipiranga, a Brazilian oil products distributor. In both blocks, Coastal and Petrobras have 40% stakes, while Unocal and Ipiranga hold 10% shares.