The ANP approved Petrobras’ request to extend the exploration program for the POT-M-764 block in the Potiguar Basin for an additional two-year period. The first phase of exploration was until August of this year.
The 11th round block is operated by Petrobras (40%) in partnership with BP (40%) and Galp (20%).
The possibility of extending the exploratory period of the blocks of the 11th round was authorized by the ANP in November last year, on the recommendation of the CNPE. The option for the extension also applies to the blocks of the 12th round.
The ANP disclosed the terms of the contracts to extend the exploratory periods of the concessions awarded in the 11th and 12th rounds of bidding. The operators will gain another two years to execute the exploratory period of the areas.
In order to be able qualify, the oil companies will have to be in compliance, mainly with the payment of the special participations, besides presenting the financial guarantees for the execution of the PEMs
The 11th and 12th round blocks have very low indexes of their minimum exploratory programs completed, according to the ANP. The decision to extend exploration in the areas was made on the grounds that companies face difficulties related to environmental licensing, poor logistics and lack of prior geological knowledge in the basins offered in both rounds.
Source: Brazil Energy