Ecopetrol S.A. (BVC: ECOPETROL;NYSE: EC) reports that the Ministry of Mines and Energy of Brazil has authorized the transfer of a 10% stake in the Saturno block, located in the Santos basin, to its subsidiary, Ecopetrol Óleo e Gas Brasil.
Image: An offshore drilling platform. Photo: courtesy of QR9iudjz0/Freeimages.com.
Previously, this percentage was equally held by Shell Brasil Petróleo Ltda and Chevron Brasil Óleo e Gas Ltda.
The authorization was published in the Diario Oficial de Brasil on July 17, 2019.
As reported on December 20, 2018, Ecopetrol S.A. entered into an agreement with both companies to gain a 10% interest in the Saturno block, which was finally approved by the Ministry of Mines and Energy of Brazil. The block was assigned to Shell and Chevron last September 28th in the Fifth Pre-Salt Round held by the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP).
Ecopetrol holds a 10% interest in the block, while Shell, as operator, and Chevron each hold a 45% interest.
This block adds an additional Pre-Salt block, as Ecopetrol already holds a 20% stake in Pre-Salt block, Pau-Brazil, in partnership with CNOOC and BP. With these two Pre-Salt blocks, Ecopetrol has a presence in five blocks in Brazil, located in the Santos, Foz de Amazonas, Potiguar and Ceará basins.
Source: Company Press Release