Brazil: Petrobras Provides Clarification on Espirito Santo Basin Assets

Petrobras provided clarification about news released recently concerning concession areas BM-ES-32 and BM-ES-23, located in Espírito Santo Basin.

Petrobras confirmed the information about oil discoveries in block ES-M-594 (BM-ES-32), as disclosed to the market on December 16, 2010 and about discoveries in block ES-M-525 (BM-ES-23), as disclosed to the market on June 09 and 04, 2011.

The Company also informed that exploratory activities have been taking place according to the commitments of each block, provided in the schedule agreed with the National Oil, Natural Gas and Biofuels Agency (ANP) and that new data which would support the announcement of estimated volume has not been obtained yet.

“The information released in the media is mere speculation, with a high degree of uncertainty. Any estimation of volume will depends on the result of the drilling activity and on tests to be executed in the region.”  said Petrobras on its website.

Petrobras is the operator of the consortium for the exploration of BM-ES-23 (65%), which is also comprised by Shell Brasil Petróleo Ltda (20%) and Inpex Petróleo Santos Ltda (15%) and is the operator of the consortium for the exploration of BM-ES-32 (60%), developed in partnership with Statoil (40%).

[mappress]
Source:Petrobras, October 30, 2011