RIO DE JANEIRO – Petrobras and Total have finalized key steps in their strategic alliance, signed in March 2017, by completing the following transactions in the presalt Santos basin:
- Transfer from Petrobras to Total of 35% of the rights, as well as operatorship, of theLapa field in block BM-S-9A: the other partners are now Shell (30%), Repsol-Sinopec (25%) and Petrobras (10%). Lapa started production in December 2016, via the 100,000 b/d capacity FPSO Cidade de Caraguatatuba.
- Transfer from Petrobras to Total of 22.5% of the rights of the Iara area, comprising the Sururu, Berbigão, and Oeste de Atapu fields in block BM-S-11A. Petrobras remains operator with 42.5%, alongside Shell (25%) and Petrogal (10%).
Production is set to start later this year through the 150,000 b/d FPSOP-68 on the Berbigão-Sururu fields, to be followed by start-up of a second FPSO in 2019 on the Atapu field.
The consideration for these transactions is around $1.95 billion, though this does not include $400 million that can be triggered by Petrobras to carry a part of its share of costs on developing the Iara fields, plus contingent payments.
Total adds that all conditions preceding the transfers were fulfilled, the granting of operation and installation licenses by the Brazilian Institute of Environment and Renewable Natural Resources (IBAMA) to allow Total to operate Lapa.
Pedro Parente, CEO ofPetrobras, said: “As Petrobras is a leader in the presalt 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.”
Patrick Pouyanné, chairman and CEO of Total, added: “The realization of our strategic alliance with Petrobras follows the recent decision to launch the wide-scale development of the giantLibra 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 presalt producing field in Brazil.
“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.”