Gulf Oil and Gas accountACCOUNT

Petrobras & Total Complete Transfer of Rights in Lapa & Iara Concessions

Source: www.gulfoilandgas.com 1/15/2018, Location: South America

Petrobras and Total announce today that they have finalized a decisive milestone in the realization of their Strategic Alliance, signed in March 2017, with the completion of the following transactions:

Transfer from Petrobras to Total of 35% of the rights, as well as the operatorship, of the Lapa field in Block BM-S-9A in the Santos Basin pre-salt, alongside Shell (30%), Repsol-Sinopec (25%) and Petrobras (10%). The Lapa field was put in production in December 2016, via the 100,000 barrel per day capacity Cidade de Caraguatatuba FPSO.

Transfer from Petrobras to Total of 22.5% of the rights of the Iara area, which comprises the Sururu, Berbigao and Oeste de Atapu fields in Block BM-S-11A in the Santos Basin pre-salt, operated by Petrobras (42.5%) alongside Shell (25%) and Petrogal (10%). Production in Iara is expected to start in 2018 through the 150,000 barrel per day capacity P-68 FPSO in Berbigao-Sururu fields, which will be followed by a second FPSO in 2019 in the Atapu field.

The consideration for the above transactions amounts to US$1.95 billion, including closing adjustments. This amount does not include US$ 400 million that can be triggered by Petrobras to carry a part of its investment share in the Iara development fields and contingent payments. All conditions preceding the transfers were fulfilled, in particular the granting of operation and installation licenses by the Brazilian Institute of Environment and Renewable Natural Resources (IBAMA) in order for Total to become the operator of the Lapa field.

These transactions give shape to the Strategic Alliance between Petrobras and Total, allowing them to combine their deep-offshore expertise.

“These transactions represent a major step in our Strategic Alliance. As Petrobras is a leader in the pre-salt exploration and Total is a leader in deep offshore West Africa, our partnership has potential to reduce our exploratory risks and make both companies more competitive. Working in partnership is strategic for Petrobras. We believe it creates value and we will continue to further our cooperation on all segments of the oil and gas value chain,” said Pedro Parente, CEO of Petrobras.

“The realization of our Strategic Alliance with Petrobras follows the recent decision to launch the wide-scale development of the giant Libra field operated by Petrobras, in partnership with Total. With this Alliance, Total is developing a major position in Brazil, in one of the most prolific basins worldwide, by taking advantage of our deep offshore expertise, which is one of our main strengths. We are especially pleased to be the first major to operate a pre-salt producing field in Brazil,” said Patrick Pouyanné, Chairman and CEO of Total. “We intend to keep strengthening our Strategic Alliance with Petrobras thanks to our commitment to extend our technical cooperation in operations, research and technology, and to develop new synergies between both of our companies.”

For more information about related Opportunities and Key Players visit Brazil Oil and Gas Projects

Acquisitions and Divestitures News in Brazil >>

Norway >>  1/15/2019 - DNO, the Norwegian oil and gas operator, has announced that its wholly-owned subsidiary DNO Norge has been awarded participation in 18 exploration lic...
Norway >>  1/15/2019 - Pandion Energy has been awarded two licenses under the 2018 Norwegian APA (Awards in Pre-defined Areas) License Round on the Norwegian Continental She...

Norway >>  1/15/2019 - Aker BP has been offered interests in 21 new production licenses in Norway, of which 11 as operator, through the Awards in pre-defined areas (APA 2018...
Norway >>  1/15/2019 - Var Energi has been awarded a total of 13 licenses in the Awards in Predefined Areas 2018 (APA) by the Ministry of Petroleum and Energy (MPE). ...

Oman >>  1/15/2019 - BP and Eni have signed a heads of agreement (HoA) with the Ministry of Oil and Gas of the Sultanate of Oman to work jointly towards a significant new ...
Oman >>  1/14/2019 - Eni and the state company Oman Oil Company Exploration and Production (OOCEP) have entered into an Exploration and Production Sharing Agreement (EPSA)...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Brazil Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 |

Oil & Gas Projects in Brazil >>

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.