GDF Suez SA Acquires 20% Stake in Gas Exploration Blocks from Vale SA

Wednesday, 13 Nov 2013 07:00pm EST 

GDF Suez SA announced that it has signed an ‘Asset Purchase Agreement’ (APA) with Vale SA to acquire its 20% participating interest in two gas exploration blocks in the Parnaiba onshore basin, located in the North East of Brazil. Signing of the APA marks the first entry of GDF Suez SA into the exploration-production activities in Brazil. Blocks 2 and 3 cover an area of 3,067 square kilometers and 3,065 square kilometers respectively. These licences were awarded in March 2008 as part of the 9th exploration bid round to Vale (20%), BP (40%, operator of block 2) and Petrobras (40%, operator of block 3). One exploration well in each of these two blocks is scheduled by March 2014. 

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