Petrobras Not Keen on Tusan Oil Block |
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Brazilian state oil company Petrobras says the exploration of an Iranian oil block in the Persian Gulf will prove its development to be not commercially feasible.
Petrobras also said it had decided not to continue with an exploration project in the Caspian Sea in northern Iran.
The firm's international director, Jorge Zelada, said on Friday that the offshore Tusan block in the Persian Gulf was geologically unappealing, Reuters reported.
Our expectation is for a sub-commercial reserve, he said. It is a small reserve ... we have not yet finished the report, but the expectation is that it does not have commercial possibilities.
Petrobras won exploration rights for the block in a bid it made in 2003 and invested around $100 million to drill two wells in Tusan. The firm said in February that it had found signs of oil in the block.
Zelada also explained that the company would not begin exploration in a block in the Caspian Sea because it appeared to hold mostly natural gas, rather than oil, in an area that did not have the necessary infrastructure for gas production.
There is no Petrobras exploration activity in the Caspian Sea. There was an opportunity that Petrobras reviewed and decided not to continue with, he said.
Reuters quoted an Iranian official as saying this week that a Malaysian company had replaced Petrobras to evaluate the prospects of the Caspian Sea block.
© Iran Daily 2009
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