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Brazil: Petrobras stops negotiating joint venture with Esso.
South American Business Information, October, 1999
Petrobras stopped negotiating a joint venture with Esso for the development of oil & gas production in the Albacora Leste oilfield located in Campos, State of Rio de Janeiro, Brazil. The project, in which Esso would hold a 30% interest, will demand investments of US$1.8bil. Market sources said that Petrobras' decision was motivated by price difference - Esso valued the project at US$2bil due to its risk. Albacora Leste's reserves are estimated at 700mil barrels of oil and 20bil m3 of natural gas. Petrobras has already started searching for new partners, but the situation is difficult because of a no competition clause - if Petrobras selects another operator, Shell, Texaco and Japex-Marubeni will not take part in the joint venture.
Source: Gazeta...
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