Companies in Brazil debut in the pre-salt.

06/07/2011

The first two Brazilian companies to enter oil exploration in the pre-salt, the rookie Barra Energia do Brazil and Queiroz Galvão, paid US$ 350 million to Shell Brazil, a subsidiary of global giant Royal Dutch Shell, in the purchase of 20% shares that the oil company held in the BM-S-8 block in ultra-deepwater in the pre-salt area of Santos Basin.

The CEO of Barra Energia, João Carlos França de Luca, celebrated the fact that the company, formed mostly by former employees of Petrobras and Repsol, have started their activities in a block in the pre-salt. In the block, the consortium, operated by Petrobras, discovered the accumulation called Bem-te-Vi, which is still under evaluation.

- We are very happy for the privilege of being the first Brazilian rookie company to join in an area so disputed as the pre-salt - said De Luca, former president of Repsol in Brazil and president of the Instituto Brasileiro do Petróleo.

Barra and Queiroz Galvão bought, each, 10% of the shares that Shell had on the block, paying US$ 175 million each. Petrobras, which is the operator, owns 66% of the consortium, and the Portuguese company, Galp, owns 14%.

Barra Energia has US$ 1 billion to invest, as a result of an capitalization operation performed in 2010, when the company was built. Its main investors are the U.S. investment funds First Reserve Corporation and Riverstone Holdings. De Luca said that Barra Energia is evaluating the possibility of acquiring shares in other blocks.