Azilat Petroleum buys two blocks offshore Brazil

Azilat Petroleum buys two blocks offshore Brazil

Bermuda-based Azilat Petroleum announced on Monday it had bought two oil exploration blocks from Brazilian oil firm OGX Petroleo e Gas.

The blocks – both offshore Brazil – are officially called CE-M-603 and POT-M-475 and are located respectively in the Ceara Basin and the Potiguar Basin. Both are operated by ExxonMobil.

Azilat – an oil and gas exploration company with a special focus on South America – did not reveal the price it paid but it did acquire the whole share of OGX, which means it has a 50% holding in CE-M-603 and 65% in POT-M-475.

The deal still needs the stamp of approval from Brazil’s oil industry regulator ANP.

OGX is a Brazilian publicly listed oil and gas company belonging to the EBX Group. Prior to undergoing bankruptcy proceedings in 2013 it was Brazil’s second biggest oil company behind Petrobras.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

Related Posts