A consortium comprising Qatar Petroleum, Shell, and China National Offshore Oil Corporation (CNOOC) has been selected as the winning bidder for the Alto de Cabo Frio-Oeste block in the prolific Santos hydrocarbon basin offshore Brazil, a press release said.
The block was offered as part of Brazil's third production sharing bidding round, which covered 4 blocks located in the "pre-salt polygon"region in the Santos and Campos basins: Pau Brasil, Peroba, Alto de Cabo Frio-Oeste, and Alto de Cabo Frio-Central.
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The selection results were announced by Brazil's National Agency of Petroleum, Natural Gas and Biofuels (ANP) at the public bidding session held on October 27, 2017 in Rio de Janeiro, during which participants submitted their bids for the various blocks on offer and the winners of each block were announced upon opening of the bids at the same event.
Commenting on this development, Saad Sherida Al-Kaabi, the President and CEO of Qatar Petroleum said, "We are pleased that our consortium was awarded this block in Brazil, which contains some of the most promising hydrocarbon prone areas in the world. This important achievement is another result of our strategy to expand our international upstream footprint and further expand our presence in Brazil, with which we have excellent relations."
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"We hope that the exploration efforts, which will commence soon with our consortium partners, will be a success. I would like to take this opportunity to thank the Brazilian authorities for the transparent and timely process, and to express our gratitude to our consortium partners, Shell and CNOOC for the excellent collaboration on this opportunity," Kaabi added.
The relevant legal agreements, including the production sharing agreement, are expected to be signed between the Brazilian authorities and the consortium members in December of this year.
