Japan’s JX Nippon Oil & Gas Exploration Corporation has executed a farm-in agreement with Ecopetrol fo a 30% participating interest in Block FZA-M-320 located offshore in the Foz do Amazonas Basin.
The agreement, subject to Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (“ANP”) approval, marks the Japanese company’s entry into the Brazilian offshore oil and gas sector.
In a statement issued on Wednesday JX Nippon said: “JX Nippon has been studying offshore basins in Brazil for a number of years as one of its potential new exploration venues with high petroleum prospectivity, and the Foz do Amazonas Basin surrounding the Block FZA-M-320 is recognized as an area with good future expandability of oil exploration opportunities.”
The company said it would work further to upgrade the oil potential of the offshore block by acquiring a 3D seismic dataset.