By OGJ editors
HOUSTON, June 11 -- Petróleo Brasileiro SA (Petrobras) signed a production-sharing agreement with Tanzania and state oil company Tanzania Petroleum Development Corp. authorizing Petrobras to explore Block 5 in Mafia Bay.
The block covers 9,250 sq km in 300-3,000 m of water. The PSA involves an initial exploitation period of 4 years with options to extend the agreement for a 4-year period and then a 3-year period. The agreement stems from a 2001 bidding round.
Petrobras is working to expand its international operations, and the company already has operations in Nigeria and Angola.
