Petrobras says it has a strategic focus on finding gas in Oceania.
The Government has awarded the giant Brazilian company the sole right to explore and drill for five years in the 1200 square km Raukumara Basin, off East Cape.
Petrobras has an annual turnover of $US120 billion. It will spend about $20 million over the next two years on collecting initial seismic data, before deciding whether to drill exploratory wells.
International upstream ventures manager Marcelo Vertis says the Petrobras is a publicly-traded energy company that's involved in all sectors of the energy market, from exploration through to retailing.
Mr Vertis says the company has operations in 27 countries, but has a strategic drive to look for gas in Oceania, which it sees as a frontier province.
Mr Vertis describes the geography of the Raukumara Basin as interesting and says he's hopeful the venture will be rewarding for the New Zealand and the company.
