Petrobras announces acquisition of the SPC NovaMarlim
Petroleo Brasileiro -- Petrobras -- has announced that it has exercised on December 31 2009, the call option of 100 %
of the capital stock of Marlim Participacoes (NovaMarlimPar).
NovaMarlimPar owns 100 % of the NovaMarlim Petroleo specific purpose corporation (SPC) formed for the development of
the hydrocarbon production in the Marlim Field.
The acquisition of NovaMarlimPar takes place after the full amortization of the investments made by each shareholder,
as well as after the complete fulfilment of all of NovaMarlimPar and NovaMarlim financial liabilities.
After the transfer of the ownership of NovaMarlimPar to Petrobras, Petrobras will name the new managers and will
submit the request for the cancellation, at the Brazilian Securities Exchange Commission (CVM), of the registrations
of the publicly traded corporations NovaMarlimPar and NovaMarlim.
Marlim is located in the north-eastern part of Campos Basin, about 110 km offshore Rio de Janeiro, in water depths
ranging from 650 m to 1,050 m. It has some 102 production wells and 50 injection wells. Over 80 km of rigid pipelines
and 400 km of flexible lines have been laid on the field.
The field produces around 390,000 boepd and 252,000 bpd of water, and around 705,000 boepd are injected into the
field. The refinery has reported an average production of 353,027 bpd for 2007.
Marlim was discovered by well 1-RJS-219-A in February 1985. The 75 m column was predominantly unconsolidated
sandstone, with a permeability as high as two darcies. The discovery also showed high-gravity oil (17-21 degree
API).
At the time of discovery, the Marlim reservoir had an oil-in-place volume of about 9 bn barrels and an expected 1.7
bn barrels of oil in total reserves.
