Project Profile
Value: Undisclosed
Location: Southern portion of Sector SREC-T1, Reconcavo Basin, state of Bahia, onshore Brazil
Area: 7,759 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 REC-T 106 in the Reconcavo Basin, located in the state of Bahia, onshore Brazil. Block REC-T 106 is comprised of 7,759 acres located in the southern portion of Sector SREC-T1 of the Reconcavo Basin. The first phase work commitment consists of the acquisition of 10 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 100% interest in Block REC-T 106.
The block has an initial three-year exploration phase, which was extended by six months in August 2016, to finish in March 2017. Alvopetro then applied, in January 2017, to temporarily extend Block 106 while it awaits environmental permits to complete remaining exploration commitments.
It is situated adjacent to Bom Lugar oilfield, which produced 19 barrels of oil per day for the year ended December 2016. As of September 2016, Alvopetro had US$351,000 outstanding from its work commitments at Block 106, the whole of which was due within 12-months.
Operators:
Petrominerales: Operator with 100% interest