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Farming into Brazil block

May 15, 2003, 01:30 CEST

An agreement has been concluded by Statoil on acquiring 25 per cent of block BM-C-10 operated by Shell off Brazil, in which the first wildcat was recently spudded.

The licence covers 1,921 square kilometres off Rio de Janeiro, and lies in a deepwater area that is little-explored but nevertheless close to the productive part of the Campos Basin.

“We believe this is an exciting frontier area,” says Tony Dore, vice president for the Americas unit of global exploration (GEX) in the International Exploration & Production business area.

“Since the block lies in 2,900 metres of water, it will give us experience of exploration drilling in such depths and with new drilling technology.”

The first wildcat, 1-Shell-14-RJS, was spudded on 25 April and is targeted at a potential oil prospect.

Shell retains 40 per cent of the block, while Wintershall holds 35 per cent.

Statoil already has interests in four other Brazilian offshore licences.

The agreement is dependent on approval by the Brazilian petroleum directorate, Agência Nacional do Petróleo (ANP).