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Petrobras Increases Investments in Northern of Brazil

Source: www.gulfoilandgas.com 9/28/2020, Location: South America

Petrobras announces it has signed an agreement on September 25th, 2020, under which Total E&P do Brasil LTDA will transfer to Petrobras the operatorship and working interest on the following exploration blocks FZA-M-57, FZA-M-86, FZA-M-88, FZA-M-125 e FZA-M-127 located in ultra-deep waters, approximately 120 km from Amapá state, in an exploratory frontier basin on the Brazilian equatorial margin aiming at high potential opportunities.

The five blocks were acquired on the 11th Agencia Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP) bidding round by the consortium operated by Total (40%), in partnership with Petrobras (30%) and BP Energy do Brasil LTDA (30%).

With this agreement and according to the joint operating agreement, Petrobras intends to increase its stake to up to 70%, depending on the preemptive right of BP, also part of the consortium.

The closing of the proposed transaction is subject to the regulatory agencies’ approval.

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