Qatar Petroleum part of winning consortium for oil exploration offshore Brazil

10/30/2017

DOHA -- A consortium comprising Qatar Petroleum, Shell, and China National Offshore Oil Corporation (CNOOC) was selected as the winning bidder for the Alto de Cabo Frio-Oeste block in the prolific Santos hydrocarbon basin offshore Brazil.

The block was offered as part of Brazil's 3rd production sharing bidding round, which covered four blocks located in the "pre-salt polygon" region in the Santos and Campos basins: Pau Brasil, Peroba, Alto de Cabo Frio-Oeste, and Alto de Cabo Frio-Central.

The selection results were announced by Brazil's National Agency of Petroleum, Natural Gas and Biofuels (ANP) at the public bidding session held on Oct. 27, 2017 in Rio de Janeiro, during which participants submitted their bids for the various blocks on offer and the winners of each block were announced upon opening of the bids at the same event.

Commenting on this development, Saad Sherida Al-Kaabi, the president & CEO of Qatar Petroleum said, “we are pleased that our consortium was awarded this block in Brazil, which contains some of the most promising hydrocarbon prone areas in the world. This important achievement is another result of our strategy to expand our international upstream footprint and further expand our presence in Brazil, with which we have excellent relations."

The relevant legal agreements, including the production sharing agreement, are expected to be signed between the Brazilian authorities and the consortium members in December of this year.

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