CEPSA is pleased to announce that it has been successful in winning both of the hydrocarbon exploration blocks for which it submitted bids in the 11th Bid Round organized by the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP), and will acquire a 50% working interest in each of these two blocks in partnership with the British oil company Premier Oil, which will be the operator. In this most recent licensing round in Brazil, 142 blocks were awarded out of a total of 289 E&P blocks offered.

The Ceará basin is a Cretaceous rift basin with a proven oil source rock. The minimum work commitment program includes seismic surveys and the required exploration wells.

In Block 717, 3D seismic acquisition will be performed over 300 km2. In Block 665, located in an area where a large play has been identified, 3D seismic will likewise be conducted on 1000 km2 to assess its potential.

These new exploration licenses will play a key role in CEPSA’s strategy of expanding its upstream activities and diversifying its portfolio, and will strengthen and enhance its position in Latin America, representing a major opportunity and significant leap forward in offshore operations.

About Cepsa
CEPSA, 100% owned by IPIC, is an energy group with a workforce of nearly 12,000 employees, engaged in activities that span the entire oil value chain: exploration and production of oil and gas; refining, transportation and marketing of petroleum products and natural gas; biofuels; and electric power cogeneration and sales. CEPSA additionally has a world-class chemicals division that is tightly integrated with its oil refining segment, manufacturing and selling feedstock for the production of high value-added components chiefly used in making new-generation plastics and biodegradable detergents. Not only is CEPSA a major energy player in Spain, but it is also broadening its global portfolio of operations in countries such as Algeria, Brazil, Canada, Colombia, Panama, Peru and Portugal, selling its products around the world