PTT Exploration and Production Public Co. Ltd. (PTTEP) reports that PTTEP Brazil Investments in Oil and Gas Exploration and Production Ltda. (PTTEP BL), a subsidiary of PTTEP, has entered into an agreement to acquire a 20% participating interest from Shell Brasil Petroleo Ltda. in Concession BM-ES-23 in Brazil. This agreement is subject to the approval of Brazil's National Agency of Petroleum, Natural Gas, and Biofuels (ANP).
The concession is located in the Espírito Santo Basin, in deep water offshore Brazil, covering an area of 212 square miles (550 square kilometers). Upon approval from the ANP, PTTEP BL will hold a 20% participating interest in the concession, with Petrobras (the operator) holding 65% and Inpex 15%. The joint venture partners plan to conduct exploration and appraisal drilling during 2014-2015.
Currently, PTTEP holds a 25% participating interest in four exploration blocks under the Barreirinhas AP1 project, which is located in the Barreirinhas Basin in Brazil.