Project Profile
Value: -
Location: Southern portion of Sector STUC-S, Tucano Basin, state of Bahia, onshore Brazil
Area: 46,505 acres
Start-up Year: -
Petrominerales, following the Brazilian 11th Bid Round (Bid Round), administered by the Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis of Brazil (ANP) bid on three blocks. The company was awarded Block TUC-T 177 in the Tucano Basin, all located in the state of Bahia, onshore Brazil. Block TUC-T 177 is comprised of 46,505 acres located in the southern portion of Sector STUC-S of the Tucano Basin. The first phase work commitment consists of drilling one well and the acquisition of 31 square kilometres of 3D seismic. Petrominerales participated in the Bid Round through the subsidiary, Alvopetro S.A. Extracao de Petroleo e Gas Natural, and upon the execution of the ANP contracts, Petrominerales will hold a 75% interest in Block REC-T 107. The block has an initial three year exploration phase, which was extended six months in August 2016, to lapse on March 1,2017. In January 2017, Alvopetro requested a temporary suspension of the expiry date until environmental clearances have been received. According to Alvopetro’s interrim update for 2016, the firm’s remaining contractual commitments for Block TUC-T 177 amounted to US$2.215 million, all of which was anticipated within one year of September 2016.
Operators:
Petrominerales: Operator with 75% interest