Petrobras, Total deliver subsurface breakthroughs

Petrobras and Total have signed new documents concerning the strategic partnership they announced in January 2017.

Offshore staff

RIO DE JANEIROPetrobras and Total have signed new documents concerning the strategic partnership they announced in January 2017.

To date they have signed transactions that have led to a payment of $1.95 billion to Petrobras early this year.

This is in addition to $400 million that Petrobras can trigger concerning part of its investment in the Iara area fields in the presalt Santos basin, and $150 million as contingent payments.

As for the partnership’s technology co-operations, the duo has so far developed AI-related techniques to identify geological faults, leading to efficiency gains; and new processes and tools to locate the potentially most productive areas in low-permeability reservoirs, with direct applications on fields such as Sururu (in the Iara concession).

Petrobras has also sold rights to Total in theLapa field in the presalt Santos basin for $50 million.

Pending approval by the Brazilian authorities, Total, as operator, will hold a 45% interest alongside Shell (30%) and Repsol-Sinopec (25%), in the surrounding block BM-S-9.

Currently Lapa is producing around 30,000 b/d of oil.

12/26/2018

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