Petronas through its subsidiary, Petronas Petróleo Brasil Ltda. (PPBL) successfully won three exploration blocks during Brazil’s exploration blocks bid round held at the Grand Hyatt Hotel, Rio de Janeiro yesterday.
PPBL won blocks CM 661, CM 715 and CM 541, all located in the Campos Basin, offshore Brazil, in a public announcement made by the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP) during the ANP Round-16 Concession’s Bid Round.
For Blocks CM 661 and CM 715, PPBL as the operator holds 100% equity. For Block CM 541, Total, as the operator holds 40% equity, Qatar Petroleum (40%) and PPBL holds the remaining 20% equity.
Petronas President and Group Chief Executive Officer, Tan Sri Wan Zulkiflee Wan Ariffin said, “We are very pleased with the outcome and we look forward to further strengthening and developing Petronas’ ventures in Brazil, one of the world’s most prolific basins.
“Following the execution of the sale and purchase agreement to acquire stakes in Tartaruga Verde and Module III of Espadarte fields in April 2019, which is currently subject to closing conditions, this round of successful bids further enhances Petronas’ global growth strategy as the company diversifies and expands its oil business portfolio in the South American region,” he added.
Aside from Upstream, Petronas also has other ventures in Brazil including Petronas Lubrificantes Brasil S.A., a subsidiary of Petronas Lubricants International (PLI), and logistics business through MISC Berhad.