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Enterprise signs Brazil deals

By THIS IS MONEY
Updated: 18:00 EST, 27 March 2000

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Oil exploration and production company Enterprise Oil said it had strengthened its presence in Brazil by signing two deals with state oil giant Petrobras.

'The signing of these two agreements is an important step in our aim to build a balanced business in Brazil,' Chief Executive Pierre Jungels said in a statement.

Enterprise has agreed a farm-in to a 25% interest in the deepwater BCe-2 block in the Ceara Basin offshore northeast Brazil where a drilling programme is planned to be completed by August 2001. Petrobras will hold 59% and Amerada Hess Corp 16%.

Also, as announced in Brazil on Monday, Enterprise Oil and Brazilian construction group Odebrecht have signed a farm-in deal with Petrobras for the Bijupira-Salema fields in the Campos Basin 100 km southeast of Rio de Janeiro. Enterprise will be the operator with 55% while Odebrecht and Petrobras will hold 25 and 20% respectively. © Reuters

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