Petrobras snaps up Benin acreage

BRAZILIAN STATE PLAYER Petrobras has bought a 50 per cent stake in Block 4 off the coast of Benin.

The purchase was made from Compagnie Beninoise des Hydrocarbures (CBH), a subsidiary of Lusitania Petroleum, which will maintain the remaining 50 per cent and operatorship of the block.

Petrobras’ work commitment includes acquisition of 2250 sq km of 3D seismic data this year and participation in a three well drilling programme, once the exploratory potential of the area is confirmed.

The company said it aims to find light oil in existing discoveries and that it plans to seek opportunities in line with its deep and ultra-deep water strategy.

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