A Petrobras official claims that the new regulation for oil exploration in Brazil's pre-salt layer will encourage the formation of partnerships with the Brazilian firm.
"Forty years ago 80% of the oil reserves were controlled by international companies. Now, foreign companies control only 25-30% while 70% are in the hands of national firms. Thus, international companies either team up with domestic ones or disappear," said Petrobras's downstream manager, Paulo Costa.
His statement coincided with a report by Portuguese oil company Galp Energia SGPS SA and the UK's BG Group PLC confirming recoverable light oil and gas reserves of 3-4 billion boe at the Iara discovery off Brazil.
The companies made the confirmation after formation tests at the discovery in the BM-S-11 block. The tests could not be totally concluded, however, the companies said, due to relocation requirements of the rig.
Drilling of another well in the area is scheduled for 2010, they said.
Galp has a 10% stake in the BM-S-11 block that contains Iara, while Brazil's state-run oil firm Petroleo Brasileiro SA (PBR), or Petrobras, holds a 65% operating stake. BG Group PLC (BG.LN) has a 25% stake.
The block also contains the Tupi find that holds estimated recoverable reserves of up to 8 billion BOE.
What’s your view? Will international oil companies shrug off the new oil law and go with the increasing numbers of apparently lucrative finds? Or will they tend to shy away because of the new law?
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posted by: noreply@blogger.com
091211
:Will Brazil's new oil law encourage partnerships with IOC's?
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