Petrobras, Total deliver subsurface breakthroughs
Petrobras and Total have signed new documents concerning the strategic partnership they announced in January 2017.
RIO DE JANEIRO – Petrobras 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.