Petrobras acquired a 50% interest in Block 4, located on the coast of Benin, a country located on the west coast of Africa, with the Compagnie des Hydrocarbures Beninoise (CBH), a subsidiary of Petroleum Lusitania, which stays with the remaining 50%.
The expectation is to find light oil discoveries made in reproducing exploration activities in Africa, according to Petrobras’ strategy to seek opportunities in deep and ultra deep waters in the region. The Company has significant operations in Angola, Libya, Namibia, Nigeria, and Tanzania.
The block covers an area of approximately 7.4 square kilometers with water depth that ranges from 200 to 3000 meters, at an average distance of 60 km from the coast.
The CBH remains as operator of the asset, however, Petrobras has the right to assume the operations. The commitment made by the company is working to accomplish the acquisition and processing of 2,250 square kilometers of 3D seismic later in 2011.
Source:Petrobras, February 22, 2011;