Ecopetrol acquires Brazilian stake from Anadarko
Eric Watkins
OGJ Oil Diplomacy Editor
LOS ANGELES, Apr. 15 -- Colombia's state-owned Ecopetrol SA, through its Brazilian subsidiary Ecopetrol Oil Gas do Brasil Ltda., has signed an agreement with Anadarko subsidiary Anadarko Exploracao e Producao de Petroleo e Gas Natural Ltda. to acquire a 50% stake in the BMC-29 concession, which Anadarko operates.
BMC-29 lies in 30-100 m of water in the Campos basin off Brazil. Due to a confidentiality agreement, the two firms withheld cost and other transaction details.
An Ecopetrol spokesperson said the block may contain both oil and gas, while an Anadarko spokesperson said it was too early to speculate on the block's hydrocarbons. Both companies believe the block has "prospectivity."
Ecopetrol said Anadarko had already begun to explore the block, in which it acquired a 100% stake at a Brazilian government auction in 2004. Anadarko said it will continue as operator of the block.
The sale is the second in recent months for Anadarko, which also announced a major discovery of oil in the region in 2008.
Last December, Anadarko completed the previously announced sale of its 50% interest in the Peregrino heavy-oil field off Brazil to StatoilHydro and received about $1.4 billion in net after-tax proceeds.
At the time, Anadarko said it would retain its interest in seven exploration blocks, covering about 1 million gross acres in the Campos and Espirito Santo basins.
That statement followed earlier remarks by Roberto Abib, Anadarko's commercial manager in Brazil, who last November told the state news agency that the firm planned to drill seven new wells in the country in 2009, with all of the drilling to take place in the subsalt layer of the Santos and Espirito Santo basins.
Abib said the company believes the wells will make it possible to secure reserves of "at least 250 million bbl in Brazil."
His remarks followed an announcement by Anadarko in November of a presalt discovery with the 1-APL-1-ESS well in 4,650 ft of water on Block BM-C-30 in the Campos basin.
"Our first operated presalt test in Brazil is a resounding success as we're seeing data that mirrors other very significant presalt discoveries in this prolific area," said Bob Daniels, Anadarko senior vice-president of worldwide exploration,
Anadarko holds a 30% interest and is the operator of BM-C-30; Devon Energy holds 25%; EnCana Brasil Petrole holds 25%; and SK do Brazil holds the remaining 20%.
Contact Eric Watkins at [email protected].