Regulatory News

Given the lack of new areas for exploration in Brazil caused by more than four years without bidding for oil blocks in the country, private Brazilian companies are now seeking alternatives overseas. Oil companies such as OGX, Petra Energy, HRT and PetroRecôncavo invest in Latin America, Africa and Asia.

HRT, which has interest in 21 blocks in the Amazon region, plus three more in other areas of the country, went to Africa in 2010 and acquired 12 blocks on the Namibian coast. It is a very promising location considered to have similar geological conditions to those discovered t in the subsalt region of Brazil.

Petra is studying opportunities in six countries in Asia and 12 in Africa. In the southern region of the Sahara, the company purchased an area and has begun seismic studies. In Asia, there is interest in bidding for contracts to prospect for oil and gas in Afghanistan and Tajikistan.

Regions of Colombia have been the target for investment by OGX, owned by billionaire Eike Batista, while the company, PetroRecôncavo is studying the possibility of participating in mature field auctions in Peru.

© 2007 CRE Brazil - All Rights Reserved.