Petrobras, Vale Join Forces to Explore Offshore Brazil

Petrobras has signed a Memorandum of Understanding with Vale S.A. which establishes the framework for a partnership to explore and produce oil and natural gas in part of BM-ES-22 concession, located off the northern coast of the state of Espírito Santo.

This concession is formed by ES-M-466, ES-M-468, ES-M-527 and ES-M-523 blocks, acquired by Petrobras at National Petroleum Agency (ANP) sixth bidding round. The blocks are situated at water depths of between one and two thousand meters and exploration is focused on the post-salt section. The object of the Memorandum is to establish the basis to negotiate the transfer of 25% working interest in the blocks ES-M 466, ES-M-468 and ES-M-527 to Vale and assure the exclusive right to Vale to acquire the participation of theses blocks during the tenor of the Memorandum. The final conditions of the negotiation have to be submitted for the approval of the ANP.

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