Petrobas Secures Portugal Exploration

Petrobras has signed an agreement with the Government of Portugal for hydrocarbon exploration in deep waters in the Alentejo Basin.

Under the agreement, Petrobras will own 50% stakes in the Gamba, Lavagante, and Santola Blocks, and will operate the blocks.

The blocks cover an area of about 9,000km2 with depths ranging from 200m to 3,000m.

The new blocks come in addition to four other blocks already operated by Petrobras off the Portuguese coast, in partnership with Galp and Partex, in the Peniche basin.