Barra scores twice in Santos acreage


Brazilian independent Barra Energia has clinched two separate deals to acquire a combined 30% stake in Block BS-4 in the Santos basin.

Fabio Palmigiani 15 September 2011 20:40 GMT

The company secured a 20% participation interest from US oil company Chevron and the remaining 10% that Anglo-Dutch supermajor Shell held in the licence, home of the Atlanta and Oliva heavy-oil fields.

In late August, Brazilian player Queiroz Galvao Exploration & Production (QGEP) penned a deal to take 30% of BS-4 from Shell.

"This is another important step in implementing our strategy of building a high quality portfolio of exploration and production assets in Brazil," said Barra Energia president Joao Carlos de Luca.

BS-4 is located some 185 kilometres off the coast in water depths of approximately 1550 metres. The two fields, Atlanta and Oliva, are estimated to hold 2.1 billion barrels of oil in place.

Both QGEP and Barra Energia also recently purchased each a 10% stake in Block BM-S-8 from Shell. The block includes the Bem-Te-Vi pre-salt accumulation.

Published: 15 September 2011 20:40 GMT