The block was offered in a public tender organized by the New Zealand government (Block Offer 2010), held in January 2010, in which Petrobras was the highest bidder.
On June 1, Petrobras and the Government of New Zealand formalized the agreement, and the company was granted the Petroleum Exploration Permit for Block 2.
Petrobras takes-on obligations to execute a minimum work program, divided into three stages: stage 1 – 3,000km of 2D seismics; stage 2 – 800km of 3D seismics; stage 3 – drilling of one exploratory well.
At the end of each stage, Petrobras has the right to assess the continuity of the proposed exploration program, and to decide whether or not to remain in the deal.
