PBR - Petrobras tags Brazil's northern coast part of Colombia as exploration priorities
2023-03-07 14:45:06 ET
Petrobras ( NYSE: PBR ) said Tuesday its exploration efforts for the next five years will be focused on Brazil's northern coast and part of the Colombian coast.
The state-controlled company said it plans to spend ~$6B on exploration during the five years, with nearly half on efforts in the Equatorial Margin off the coast of northern Brazil.
Petrobras ( PBR ) said it is waiting for permission from Brazil's environmental authorities to begin exploration in the area, which it hopes to receive by the end of this month.
The company also pointed to Colombia's Taryona block, where it already has found natural gas at a deepwater site ~20 miles off the coast, as another priority; Petrobras ( PBR ) operates the block and owns a 55% stake, while partner Ecopetrol ( EC ) holds the remainder.
Petrobras ( PBR ) also said it aims to bring its delayed GasLub natural gas processing plant online early in 2024, which would double the amount of gas available to the domestic market in the next five years.
Brazil's "new old government is bad news for Petrobras" ( PBR ), George Atuan writes in an analysis newly published on Seeking Alpha .
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Petrobras tags Brazil's northern coast, part of Colombia as exploration priorities