GDF Suez Strengthens Presence in E&P Activities in Brazil

During the 12^th bid round of the National Oil, Gas and Bio Fuels Regulator (ANP), GDF SUEZ won six blocks in the Recôncavo basin (State of Bahia), in partnership with Petrobras.

GDF SUEZ will have a 25% participation in each block, which will be operated by Petrobras with a 40% participation. Brazilian companies Ouro Preto Óleo e Gás and Cowan Petróleo e Gás will hold the 35% remaining interest, respectively, in five blocks and in the sixth block. In total, the six blocks cover a surface area of 162 km².

The Minimum Exploratory Program will target conventional hydrocarbons and will last three years, with the potential to extend for an additional two years. The concession contracts shall be signed during the first half of 2014.

Following GDF SUEZ’s recent entry into Blocks 2 and 3 in the Parnaiba basin, this success further strengthens the Group’s presence in E&P activities in Brazil and confirms GDF SUEZ strategy to complete its significant presence along the energy value chain in the country.

Natural gas will play a key role in the Brazilian energy mix going forward, and therefore direct access to gas is an important enhancement to GDF SUEZ’s position as the country’s largest independent power production company, through its holding in Tractebel Energia.

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LNG World News Staff, December 6, 2013; Image: GDF SUEZ