Corcel plc has agreed a collaboration to identify, evaluate and acquire “a pipeline” of producing onshore oil and gas fields in Brazil.
ADVANTAGE
New partner Conterp Serviços Técnicos Ltda will contribute its local market knowledge and relationships, access to technology, services, equipment and expertise of asset management of onshore Brazil oil and gas fields.
Corcel will offer its subsurface capabilities, access to capital markets and off-takers.
The companies are currently focused on producing onshore oil and gas fields with “significant development and exploration upside” in the Alagoas, Sergipe, Bahia, Rio Grande do Norte, Rio de Janeiro, and Espirito Santo regions, where Conterp operates.
Corcel interim chief executive Scott Gilbert, who indirectly owns 12.7% of Conterp’s share capital, said: “Our collaboration with Conterp provides access to a pipeline of acquisition opportunities.
“Given the well-understood geological landscape and mature nature of the market onshore Brazil, our strength lies in our ability to execute ‘above-the-ground.’
“This is where our partnership with Conterp is crucial, providing Corcel with a strong advantage.”
Conterp has in excess of 800 employees and more than 20 years’ experience of providing well services, drilling contracting, operation and maintenance, and asset integrity management services.
Its equipment and technology ranges from several workover rigs, to well services and well intervention equipment.
Corcel added it viewed Conterp as a “strong go-to-market” partner for onshore Brazil oil and gas assets.