CEPSA Announces Acquisition of 25% Stake in Offshore Block
OREANDA-NEWS. December 18, 2013. CEPSA is pleased to announce that it has closed a deal with Apache Suriname Corporation LDC, a subsidiary of the U.S. oil and gas company Apache Corporation, to acquire a 25% stake in Block 53, located offshore Suriname in the northern part of South America.
Under the terms and conditions of the agreement, CEPSA will participate in a 3-year work program during the exploration phase, comprising geological surveys, 3D seismic acquisition and the drilling of two wells, to be completed before April 2016. Block 53 is located in deep waters, 130 km off the coast and at depths ranging from 500 to 1,800 meters.
The acquisition of an interest in this block will expand CEPSA?s offshore asset portfolio, adding to the two exploration blocks in Brazil awarded in May 2013.
This deal strategically fits into the Company’s plan to significantly grow its upstream area, while at the same time bolstering its activities in South America and providing a promising opportunity to develop new and high-potential offshore operations.
CEPSA is an energy group which is wholly owned by IPIC, employing more than 11,000 people and operating at every stage of the hydrocarbon value chain. It is engaged in petroleum and natural gas exploration and production activities; refining, transport and sale of crude oil and natural gas derivatives; biofuels, cogeneration and electricity sales. CEPSA has an important petrochemicals division which is closely integrated with its oil refining activities. The company manufactures and markets raw materials for producing high added-value products used mainly to produce new generation plastics and biodegradable detergents. CEPSA has a significant share of the Spanish market. It is gradually internationalizing its activities and is now operating in Algeria, Brazil, Canada, China, Colombia, Panama, Peru and Portugal, selling its products worldwide.