Tecpetrol S.A., the oil and gas subsidiary of the Techint Group, and GeoPark Limited, the Latin American oil and gas explorer and operator, announce the formation of a new strategic alliance to jointly identify and study and potentially acquire upstream oil and gas opportunities in Brazil, with a specific focus on the Parnaiba, Sao Francisco, Reconcavo, Potiguar and Sergipe-Alagoas basins.
Tecpetrol has an extensive track-record as an oil and gas explorer and operator throughout the Americas with its portfolio of assets currently in Argentina, Peru, Colombia, Ecuador, Mexico Bolivia, Venezuela and the United States, and with a current net production of over 85,000barrels of oil equivalent per day.
The objective of the Tecpetrol-GeoPark strategic partnership is to build a portfolio of new upstream opportunities in Brazil – a rich hydrocarbon region where GeoPark has recently entered through the signing of seven new exploration blocks in the Reconcavo and Potiguar basins (subject to final execution by the director general of the Brazilian National Petroleum, Natural Gas and Biofuels Agency), as well as, the agreed acquisition of Rio das Contas Produtora de Petróleo Ltda., with a 10% working interest in the Manati Field.
Commenting, James Park, CEO of GeoPark, said: “Tecpetrol is one of the region’s leading private E&P operators and explorers, with vast experience, know-how and a great track-record and reputation. We are proud to be partnering with them on this important initiative and to work to expand our existing platform and operations in Brazil.”
Press Release, September 30, 2013