Brazilian major Petrobras (NYSE:PBR) announced the company has purchased a 50 percent stake in an exploration block off the coast of Benin.
Compagnie Beninoise des Hydrocarbures (CBH), a subsidiary of Lusitania Petroleum will operate the block and hold the remaining 50 percent. Petrobras will retain rights to assume operations at the block.
Petrobras is aiming for light oil discoveries with this expansion of its West African assets, seeking opportunities in deep and ultra deep waters in the region. Petrobras also holds stakes in fields in Angola, Libya, Namibia, Nigeria and Tanzania.
The block covers 7,400 square kilometers, at water depths between 200 and 3,000 meters.
Petrobras said it will acquire 2,250 square kilometers of 3D seismic data for the block later this year and engage in a three well drilling program with CBH once the exploratory potential of the area has been confirmed.