Eric Watkins
Senior Correspondent
LOS ANGELES, Mar. 14 -- Portugal's Teixeira Duarte-Engenharia e Construcoes SA said its 70% indirectly held company Empa SA has acquired 33.3% of Brazilian oil exploration and production company Alvorada Petroleo SA.
Alvorada currently operates in three onshore oil fields in the Reconcavo basin in Brazil's northeastern Bahia state.
According to an agreement signed with the Brazilian National Petroleum Agency on Mar. 12, Alvorada owns the concession rights of 11 blocks in Reconcavo, with reserves estimated at 20 million bbl.
Alvorada will invest €27.3 million in an exploration program for the 11 blocks, with production and commercialization expected to start in 2011, Teixeira Duarte said.
Contact Eric Watkins at [email protected].
