QGEP acquires eight blocks in the 11th round

Queiroz Galvão Exploração e Produção (QGEP) had a very successful participation in the 11th Bidding Round held by the Brazilian National Oil, Biofuel and Natural Gas Agency (ANP), acquiring eight blocks, one in the Foz Amazonas basin, two in the Espírito Santo basin, two in the Pará-Maranhão basin, one in the Ceará basin and two in the Pernambuco-Paraíba basin. QGEP is the operator of five of the acquired assets.

According to the Company’s CEO, Lincoln Rumenos Guardado, the strategy developed for this round was successfully carried out. "We wanted to diversify and recompose our portfolio, expanding our presence to other basins and diversifying our associations with companies. We have accomplished all that", said the CEO.

QGEP will pay a signature bonus of R$94.9 million for the right to explore the new assets. The Company’s net investment in the acquisition of seismic data is estimated at approximately US$30-40 million in the next two years. In addition, at least four exploratory wells are expected to be drilled as of 2017. The blocks acquired by the Company have an overall area of 5,785 square meters.

By achieving this milestone, Queiroz Galvão Exploração e Produção has definitively established itself as an operator in the Brazilian oil segment.

Updated in  2014-01-09T11:59:07
All the dates of this page are presented in official timezone of Brasilia - Brazil.


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