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EnP Oil Company and Petres Energy Formed a Partnership for Onshore Oil Exploration in Espírito Santo in 10 Blocks
The state of Espírito Santo may receive two oil and gas companies to explore oil in onshore fields in the northern part of the state. The partnership is between EnP – Energy Platform and the newly formed Petres Energy. The joint venture, named Energy Paranã, aims to purchase EnP’s participation rights in these areas, which is 50% of the franchise, while the other half belongs to Imetame, to explore 10 blocks.
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Onshore Blocks in Espírito Santo
Of the 10 exploratory blocks involved in the negotiation, 7 were acquired by the EnP-Imetame consortium in the ANP auction at the end of last year, and the other 3 were acquired from Petro-Victory. Thus, half of the block participation will come from Energy Paranã, while the other members will remain with Imetame. The conclusion of the acquisition depends on ANP approval.
Exploration blocks are areas with potential to discover oil and gas accumulations. In the exploration phase, exploratory investments are made to discover oil and determine if its production is commercially viable.
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Onshore Oil and Natural Gas Exploration
Renata Isfer, who served as Secretary of Oil, Natural Gas and Biofuels at the Ministry of Mines and Energy (MME) between 2019 and 2020, says that the expectation of opening up the natural gas market, combined with better oversight of onshore exploration and production, constitutes the ideal solution for new investments in the oil and gas sector.
Márcio Félix, who also served as Executive Secretary of the MME between 2018 and 2020, states that Brazil is one of the countries with the highest production balance of oil and gas. Whether in the exploration of low-sulfur oil or onshore natural gas, there is much room for growth.
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