Brazil's ANP approves studies of Oeste de Jubarte pre-salt block

RIO DE JANEIRO, Oct 9 — The board of Brazil's National Agency of Petroleum, Natural Gas and Biofuels (ANP) approved geological and economic studies of the Oeste de Jubarte exploration block for possible future inclusion in the Permanent Production-Sharing Offer.

The agency said the block covers about 690 square km in the Campos Basin, inside the pre-salt polygon, and was classified as having high exploratory potential. According to the agency, its studies estimate an unrisked mean total volume of oil and natural gas in the order of tens of millions of barrels of oil equivalent. The agency defines this as the volume estimated before the risks of exploration are considered.

The ANP said it will send the studies to Brazil's Ministry of Mines and Energy (MME), and that its approval does not mean the whole area will necessarily be offered at auction. According to the agency, the ministry is responsible for proposing to the National Energy Policy Council (CNPE), after hearing the ANP, which blocks will be auctioned under the production-sharing regime.