Offshore Activity

Petrobras says to exercise priority rights in Brazil oil auctions

May 25 Brazil’s state-controlled oil company Petróleo Brasileiro SA will exercise its preferential rights in two offshore pre-salt oil auctions scheduled for this year, the company said in a statement on Thursday.

Petrobras, as the company is known, said it will exercise its rights to explore an area adjacent to the Sapinhoá field, as well as the Peroba and the Alto de Cabo Frio Central areas. The company said it will acquire at least 30 percent of exploration rights in these areas at the cost of at least 810 million reais ($246.94 million) for the company.

($1 = 3.2802 reais) (Reporting by Silvio Cascione; Editing by Daniel Flynn)

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s