German oil and gas company Wintershall Dea has farmed down a 30% participating interest in its three Potiguar offshore exploration blocks to the subsidiary of Murphy Oil Corporation in Brazil.
The subsidiary, Murphy Brasil Exploração e Produção de Petróleo e Gás Ltda, will become Wintershall Dea’s partner in blocks POT-M-857, POT-M-863, and POT-M-865.
Wintershall Dea said on Wednesday it would retain a 70% participating interest and operatorship. The agreement is subject to a final regulatory approval by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels, ANP.
“The farm-down is in line with Wintershall Dea’s strategy of having a balanced portfolio. Brazil plays an important role for the company, as a region for growth,” said Thilo Wieland , Member of the Management Board of Wintershall Dea and responsible for Brazil.
Hugo Dijkgraaf , Chief Technology Officer in the Management Board of Wintershall Dea comments: “We are very pleased, having Murphy as a license partner in Potiguar. We are already working with Murphy in Block 5 offshore Mexico and are now looking forward to extend our cooperation on these prolific exploration blocks offshore Brazil.”
As part of the work program, a 3D seismic campaign is currently underway in the area. The three blocks cover an area of total 3,133 km² and are located in the Potiguar basin, a proven hydrocarbon system on the Equatorial Margin in North Eastern Brazil and in the vicinity to the light oil discovery Pitu.
Wintershall Dea was awarded the three blocks with a 100% participating interest including operatorship in Brazil’s 15th Concession Bidding Round in November 2018.
Currently, Wintershall Dea holds participation interest in seven exploration licenses offshore Brazil, of which four as operator.
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