Petrobras has said that that its wholly-owned subsidiary Petrobras International Braspetro has signed an agreement with the Government of Portugal for hydrocarbon exploration in deep waters in the Alentejo Basin, Portugal.

As per the agreement, already approved by the Portuguese government, Petrobras will have 50% stakes in the Gamba, Lavagante, and Santola Blocks, and will be the operator of the three blocks.

The area of the blocks covers an area of some 9,000sqkm, where depths range from 200mt to 3,000mt. These new projects add to four other blocks already operated by the company off the coast of Portugal, in partnership with Galp and Partex and located in the Peniche Basin.

Petrobras is a Brazil-based integrated energy company engaged in deep-water exploration and production of oil and natural gas. It operates in 29 countries in areas of the oil, natural gas and energy industry: exploitation and production; refining, commercialization, transport and petro-chemistry; distribution; natural gas, energy and bio-fuels.