Business Services Industry
Brazil: Petrobras formed joint venture with Kerr-McGee and Esso.
South American Business Information, July, 1999
Petrobras yesterday formed a joint venture with Kerr-McGee in order to research and develop oil in Brazil along with Esso. The companies willexplore the BS-1 oilfield located in Santos, State of Sao Paulo. The project will demand starting investments of US$50mil, including drilling over the next 2 years. Kerr-McGee will be the operator, holding 40% of the joint venture - Petrobras will also hold 40% and Esso, 20%. The necessary investments will be backed by the private companies only. According to Petrobras, BS-1's reserves are estimated at 700mil barrels of oil and 300mil m3 of natural gas.
Source: Gazeta Mercantil Page: A-6 Date: July 14, 1999 Country: Brazil Product: Oil & Gas Extraction Company: Petrobras Event: Research & Development SABI (South...
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