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Declaration of Commerciality of the Entorno de Sapinhoa Area

Source: www.gulfoilandgas.com 7/20/2018, Location: South America

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Petrobras, as the operator, on behalf of the consortium of Entorno de Sapinhoa, reports that it submitted the declarations of commerciality to the National Agency of Petroleum, Natural Gas and Biofuels (ANP) regarding oil accumulations located in areas adjacent to the Sapinhoa field, in the pre-salt layer of the Santos Basin. The Entorno de Sapinhoa area was acquired by the consortium in 2017, in the 2nd Bidding Round under the production sharing agreement regime.

In the declarations submitted to the regulatory agency, the names suggested for the new fields were Nordeste de Sapinhoa, Noroeste de Sapinhoa and Sudoeste de Sapinho?. The new fields should be unitized with the Sapinho? field once the corresponding production individualization agreement is defined. The Sapinho? field is located about 300 km off the coast in ultra-deep waters, with current production of 250 thousand barrels of oil per day through the FPSOs Cidade de Sao Paulo and Cidade de Ilhabela.

The Entorno de Sapinhoa consortium, which has the same members as the Sapinhoa consortium, is led by Petrobras with 45% stake - in partnership with Shell (30%) and Repsol Sinopec (25%), and Pre-Sal Petroleo S.A. (PPSA) acting as manager of the production sharing contract.

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