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Brazil: Wintershall Dea farms out Potiguar offshore exploration blocks to Murphy Oil


10 Oct 2019

  • Murphy Oil Corporation becomes partner in Wintershall Dea’s three exploration licenses in the Potiguar Basin
  • Operator Wintershall Dea retains a 70% participating interest  
Photo - see caption

Wintershall Dea has farmed out a 30% participating interest in its three Potiguar offshore exploration blocks POT-M-857, POT-M-863 and POT-M-865 to the subsidiary of Murphy Oil Corporation in Brazil - Murphy Brasil Exploração e Produção de Petróleo e Gás Ltda. Wintershall Dea will 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', says 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 sq km 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.

Photo - see caption
Wintershall Dea farms out Potiguar offshore exploration blocks to Murphy Oil

Original article link

Source: Wintershall Dea





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