PTTEP picks up Brazil stake from Shell

September 22, 2014

Shell’s Brazilian subsidiary, Shell Brasil Petroleo Ltda., will sell 20% participating interest in concession BM-ES-23, offshore Brazil, to Thailand’s PTTEP. BM-ES-23 is in the deepwater Espirito Santo basin, covering approximately 550sq km.

The agreement is subject to the approval of Brazil's National Agency of Petroleum, Natural Gas and Biofuels. Upon approval, PTTEP BL will hold 20% interest in BM-ES-23 with the operator, Petrobras (65%), and INPEX (15%).

The joint venture partners plan to conduct exploration and appraisal drilling during 2014-2015. 

PTTEP holds 25% interest in four exploration blocks under Barreirinhas AP1 project, which is in the Barreirinhas basin, about 70km offshore, on the northeastern coast of Brazil, on the Equatorial Margin. Barreirinhas covers 768sq km in 85m to 1700m water depth.

In August, Chariot Oil & Gas' Brazilian subsidiary signed a farm-out agreement with AziBras Exploração de Petróleo e Gás Ltda. on blocks BAR-M-292, BAR-M-293, BAR-M-313 and BAR-M-314 in the Barreirinhas basin.

The two companies are conducting a 3D seismic survey in 1H 2015 covering approximately 1000sq km across the four blocks. According to Chariot, from existing 2D seismic datasets, there is evidence of sufficient burial of the Cenomanian-Turonian source rock for hydrocarbon generation, supported by potential seismic direct hydrocarbon indicators. In addition, a large roll-over structure has been identified with deepwater turbidite seismic facies and fan entry points.

Map from Chariot

Read more: 

Chariot, Azilat reach farm-in deal off Brazil



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