Brazil Petrobras To Buy 50% Of Two Gabon Oil Blocks From Ophir Energy

Brazilian oil giant Petroleo Brasileiro SA (PBR, PETR4.BR), or
Petrobras, said it signed an accord to acquire 50% of the rights held by
U.K.-based Ophir Energy at two exploration blocks offshore Gabon.

The Ntsina Marin and Mbeli Marin blocks where the rights will be held
are located in the Costeira Basin in the northern region of the West
African republic, Petrobras said in a statement Friday. The Gabon
government has to approve the deal.

Ophir will retain the remaining 50% of the two blocks, Petrobras said.

The blocks are located in a region of 6,683 square kilometers, with
water depths varying from shallow to 2,400 meters. Initially Petrobras
will research a 2,000 square kilometer area, before deciding whether to
proceed to the well-drilling phase, the company said.

Petrobras said the acquisition of the blocks is in line with its 2020
strategic plan, which involves contributing to discovery and ownership
of reserves abroad, as well as stepping up the assessment of the
pre-salt oil and gas exploration potential in Atlantic Ocean basins.

West Africa is a key focus for Petrobras as its geological structures
are comparable to those found in Brazil, with potential for significant
oil discoveries in deepwater areas, in which it considers it has
competitive advantages. Petrobras already has activities in the west
African nations of Angola, Benin, Namibia and Nigeria.