Petrobras signs 41 contracts from Brazil’s 12th Round

Petroleo Brasileiro SA (Petrobras) has signed 41 concession contracts for blocks acquired in the 12th Round of Bidding organized by Brazil’s National Agency of Petroleum, Natural Gas, and Biofuels (ANP).

Petrobras in November 2013 acquired 49 of 50 blocks made available. Among the auctioned blocks, 22 were in partnership, with 16 operated by Petrobras and 6 operated by partners. The company said it will sign the eight remaining contracts in June.

Blocks offered in the 12th Round are in recently explored basins and mature basins. Petrobras said its strategy in the auction is aligned with the company’s objectives to increase its natural gas reserves and production near existing production facilities by learning more about the Brazilian sedimentary basins and to diversify its investment in exploration.

The company added that participation in the consortium is aligned with the objective to strengthen the company’s partnerships with Brazilian and foreign companies to integrate their knowledge and technologies used in onshore exploration and production.