Petrobras and Repsol Sinopec declare prospect in Santos basin unviable

Petrobras and Repsol Sinopec declare prospect in Santos basin unviable

Troubled Brazilian state oil giant Petrobras and the Spanish-Chinese partnership Repsol Sinopec have decided to walk away from an offshore oil and gas prospect that they have deemed unviable, according to Reuters.

Both parties have surrendered their exploration rights to the Piracuca concession located in the Santos basin about 125 miles off of Sao Paulo state at a depth of 656 feet.

Petrobras, the world’s most indebted oil company, held a 63% stake in Piracuca and was the operator appraising its potential, while Repsol Sinopec had the other 37% stake.

Brazilian authorities had awarded the concession in 2000.

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.

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