Petro Vista's strategy in Brazil is to build a base of producing assets coupled with low-risk low-cost exploration and production opportunities in two focus areas of onshore Brazil. In line with this strategy, Petro Vista recently entered an agreement to acquire a 30% production interest in the shallow offshore producing Tartaruga Block, located in the Sergipe-Alagoas Basin in Brazil. The Company also owns the right to acquire certain participating interests in a total of two onshore petroleum exploration concessions in the producing Recôncavo Basin located in north-east Brazil.
Petro Vista continues to pursue additional production acreage in high-potential shallow water areas such as the Campos Basin, where Devon Energy is producing 55,000 bopd with 200 MMBOE in reserves.
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