Perenco Farms Out Brazilian Offshore Concessions to Sinochem

Perenco Farms Out Brazilian Concessions to Sinochem

An independent Anglo-French oil company Perenco on Friday announced it has signed an agreement with Sinochem Petróleo Brasil Ltda, the 100% owned subsidiary of Sinochem Corporation (Sinochem) to farm-out five concessions in the Espirito Santo basin, offshore Brazil.

In exchange for acquiring 10% working interest in the five concession, Sinochem will fund Perenco in certain exploration wells in exchange for acquiring 10% working interest in the five concessions

Perenco will keep a 40% interest in its possesion and remain as the operator. OGX Petróleo e Gás, owned by Brazilian billionaire Eike Batista  will maintain its 50% share in the Concessions. The Concessions, located in the deep water (100-2 000 m) sector of the Espirito Santo basin cover 3 625 square kilometres in total. Perenco, together with OGX were awarded the Concessions in the 9th Brazilian Licensing Round.

Offshore Energy Today Staff , January 8, 2011; Image: Perenco

Perenco has signed an agreement with Sinochem Petróleo Brasil Ltda, the 100% owned subsidiary of Sinochem Corporation (Sinochem) to farm-out five  concessions in the Espirito Santo basin, offshore Brazil.

Sinochem will fund Perenco in certain exploration wells in exchange for acquiring 10% working interest in the five concessions, subject to conditions.  Following the completion of the transaction, which remains subject to government approvals in Brazil, Sinochem will acquire a 10% working interest in the Concessions.

Perenco will retain a 40% interest and remain as the operator.  OGX Petróleo e Gás will maintain its 50% share in the Concessions.  The Concessions, located in the deep water (100-2 000 m) sector of the Espirito Santo basin cover 3 625 square kilometres in total.  Perenco, together with OGX were awarded the Concessions in the 9th Brazilian Licensing Round.

Share this article

Follow Offshore Energy Today

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

Oil & Gas Vietnam 2019

Oil & Gas Vietnam (OGAV) 2019 is the only specialized oil & gas event in Vietnam that brings together an international congregation…

read more >

Offshore Energy Exhibition and Conference (OEEC) 2020

Offshore Energy addresses the technical, operational and commercial challenges associated with future sector growth.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply