Brazilian state-run oil firm Petrobras has begun the non-binding phase for the sale of its Polo Reconcavo onshore oil and gas cluster in the northeastern state of Bahia, the company said on July 3.
During this phase of the process, interested parties are to make non-binding offers for the cluster, which is composed of 14 oil fields.
Polo Reconcavo had an average production of 2,800 barrels per day of oil and 588,000 cubic meters of gas in 2018, the company said.
Perceptions have changed for the better for the emerging oil and gas play as activity increases and others move into the neighborhood.
Reduced risk of well-to-well interference, optimized rock stimulation and maximized efficiency and utilization of surface equipment and crews were cited as benefits.
The USGS says it has identified the Permian Basin’s Wolfcamp Shale and overlying Bone Spring Formation in the Delaware as its ‘largest continuous oil and gas resource ever assessed.’