Brazil’s Petrobras will need to revise contractual agreements in the very near future once Iranian oil is under ’new management’.
Brazil’s government-controlled oil giant Petrobras is planning to invest $34 million in initial oil exploration activities in Iran, a top company director said Monday. "I’m flying to Iran next week to sign the service contract," Petrobras international director Nestor Cervero told reporters on the sidelines of an energy conference. The executive said the investments will be made over a period of three to four years.
| Wonder if he'll land at the new airport? |
Last year, the Brazilian oil company won a license to explore oil in one of eight giant offshore blocks offered by the Middle Eastern nation in its first offshore licensing round. The block, known as Tulsan, covers an area of about 3,200 square miles in the Persian Gulf. Petrobras will sign a service contract with the National Iranian Co., or NICO. |