On 30 August 2018, the ANP approved of the sale of the 100% working interest held by Engepet in the Riacho Sesmaria block to Petroil Oleo e Gas Ltda as operator with 50% working interest and Oil and Gas Investments Group Exploracao e Producao Ltda with 50% working interest.Â    On 12 May 2016, the ANP granted a final award to Engepet 100% for the 1.96 sq km Riacho Sesmaria block in the Reconcavo Basin through the ANP Round 13 Marginal Fields Round.Â  The ANP granted a provisional award to Engepet Ltd 100% for the 1.96 sq km Riacho Sesmaria block in the Reconcavo Basin on 10 December 2015 through the ANP Round 13 Marginal Fields Round as the high bidder for the block. There were no other bids for the block. The company bid BRL 267,750 versus the minimum bonus set of BRL 41,548. The concession contract for the block has an initial three year evaluation period that may be extended. The company can then declare commerciality and this period can last up to five years. The production phase is 15 years. These different phases may be extended at the discretion of the ANP. The initial work program for the block is BRL 700,000 and only requires the re-entry of a well or wells and 3D seismic re-interpretation. The ANP set local content requirements for all phases at 70%.
Petroil Oleo e Gas acquired operated 50% WI and Oil and Gas Investments Group Exploracao e Producao with 50% WI in Riacho Sesmaria block from Engepet.