ANP settles ownership structure for shared Jubarte reservoir offshore Brazil

Brazil’s National Agency of Petroleum, Natural Gas, and Biofuels (ANP) has approved the production individualization agreement (AIP) for the Jubarte presalt shared reservoir in the offshore Campos Basin.

According to Petrobras, 97% of the reservoir comprises the Jubarte Field in the BC-60 concession; 1.89% uncontracted areas (federal government, represented by PPSA); and 0.86% part of the Argonauta Field in BC-10 in the Parque das Conchas area.

The agreement establishes each company’s interests and the rules for joint implementation of the development and production operations of oil and natural gas in the shared reservoir. Interests in the Jubarte shared reservoir are as follows:

• Petrobras 97.250%
• Shell 0.430%
• Brava 0.198%
• ONGC 0.232%
• Federal government (represented by PPSA) 1.890%

The AIP process takes effect when reservoirs extend beyond the boundaries of the contracted or concession areas. In this case, the Jubarte AIP will become effective on Aug. 1.

All parties involved are now negotiating the financial settlement for volumes produced up to the effective date of the agreement.