On 10 October, the ANP approved a 50% working interest transfer from Newo Equipamentos to NTF Oleo e Gas Ltda in the Itaparica block.Â  NTF is assumed to be a small local Brazilian company.Â  Newo will remaing the operator of the contract with a 50% working interest and NTF has 50%.  On 31 August 2017, the Agencia Nacional de Petroleo (ANP) granted a Final Award contract to Newo Equipamentos for the Itaparica block after it was granted a preliminary award through the ANP 4th Marginal Fields Bid Round.Â  On 11 May 2017, the Agencia Nacional de Petroleo (ANP) held the ANP 4th Marginal Fields Bid Round resulting in eight blocks provisionally awarded to the high bidders including the Itaparica block to Newo Equipamentos.Â  Newo bid BR 5,710,000 representing the highest bid and most contested block in the round and beat out three other bids.Â  The second highest bid was by Dimensional Eng who bid BR 2,264,646.46 and the third highest bid was made by Munkcs & Reboque who bid BR 1,077,777.Â  The fourth highest bid was made by the consortium of Oil and Gas Investments Group (70%) and Geomecanicas SA (30%) who bid BR 501,350.Â  The minimum work program calls for expenditures of BR 2,800,000 with four workovers.Â  There were no local content requirements for the block.Â  The company has a three year evaluation phase from contract signature date.Â  The Itaparica block covers an area of 21.68 sq km with 16 shut-in or plugged and abandoned wells.Â  The original oil in place was reported by the ANP to be 37.29 MMbo and 33.04 Bcfg.Â  The field has produced 1,553,583 bo and 13,104,473 Mcfg.
Brazil (Southeast Reconcavo Sub-basin (Reconcavo B.)) Itaparica