Alana Gandra
Reporter - Agencia Brasil

Rio de Janeiro – The government of Equatorial Guinea, country located at Western Africa, approved the purchase, by Brazilian oil company, Petrobras, of 50% of a participation in a deepwater oil exploration contract in the Muni River basin, according to information released by the company’s press service, this Wednesday (11).

The consortium, on which Petrobras participates, will be operated by US national Chevron. Although in the future, depending on the findings, the Brazilian company may also operate the business.

Petrobras considers this an "excellent" opportunity to increase its international reserves. Drilling of the first exploratory well is scheduled for this year, and if they find oil, production is expected for the next decade. Petrobras already operates on other four African countries (Nigeria, Tanzania, Angola and Libya).

Translation: Andréa Alves