Wednesday, February 23, 2011

Petrobras takes a slice in Benin block and seeks West Africa to be analogous to Brazil's pre-salt discoveries..

Petrobras acquired a 50% interest in Block 4, located off the coast of Benin in West Africa, from Compagnie Beninoise des Hydrocarbures (CBH), a subsidiary of Lusitania Petroleum, which maintains the remaining 50% interest. The block covers an area of approximately 7,400 sq km, at a water depth that varies from 200 to 3,000 meters, at an average distance of 60 km from the coast.

CBH continues to be the operator of the asset; however, Petrobras has the right to take over the operation. The work commitment assumed by the company is to collect and process 2,250 sq km of 3D seismic data by the end of this year. Once the exploratory potential of the area is confirmed, the consortium will undertake to drill three wells.

West Africa is analogous to Brazil's pre-salt province..

Petrobras’ business plan for 2010-2014 includes exploration focus on West coast of Africa. In-line with this plan, the deal represents further expansion of Petrobras' portfolio in the West Coast of Africa, which company geologists say holds similarities to Brazil's pre-salt province. Also, Petrobras aims to find light oil, reproducing the discoveries that took place in the African continent. This is aligned with the company’s strategy to seek for opportunities in deep and ultra deep waters in the region where it  already has operations in countries like Nigeria, Angola, Tanzania, Namibia and Libya. 

To know what other operators are doing in West Africa, please click here:

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