PARIS – TotalEnergies and its co-venturers have won the Atapu and Sépia production sharing contracts (PSC) offered under Brazil’s Second Transfer of Rights Surplus Bidding Round.
TotalEnergies, with a 22.5% interest, alongside operator Petrobras (52.5%) and Shell (25%) are partners in the Atapu PSC.
Atapu is a presalt oil field in the Santos basin, in water depths of about 2,000 m (6,562 ft). Production started in 2020 and has reached a plateau of 160,000 b/d with the FPSO P-70. According to TotalEnergies, a second FPSO is planned to be sanctioned, which would increase the overall oil production to around 350,000 b/d.
TotalEnergies, with a 28% interest, alongside operator Petrobras (30%), QatarEnergy (21%) and Petronas (21%) are partners in the Sépia PSC.
Sépia is in the Santos basin, in water depths of about 2,000 m. Production started in 2021 and is targeting a plateau of 180,000 b/d with the FPSO Carioca. A second FPSO is planned to be sanctioned, which would increase the overall oil production to around 350,000 b/d.
According to TotalEnergies, these fields will increase its production in Brazil from the effective date of the PSC planned by end of April 2022, with 30,000 boe/d in 2022 growing to 50,000 boe/d from 2023.
Patrick Pouyanné, chairman and CEO of TotalEnergies, said: “These are unique opportunities to access giant low-cost and low emissions oil reserves, in line with TotalEnergies’ new strategy. These assets benefit from world-leading well productivities to keep costs well below $20/boe. They also leverage technological innovations to limit greenhouse gas emissions to well below 20 kg/boe.”