Petrobras and PPSA Signed a PIA

Source: www.gulfoilandgas.com 11/3/2014, Location: South America

Petrobras and PPSA (Pre-Sal Petroleo S.A.) have signed a Production Individualization Agreement (PIA) of the Tartaruga Mestica, located at the south portion of the Campos Basin. This Agreement sets out the rules of joint execution of oil and natural gas production and developing operations in the area, as well as participation of each parties. PPSA signs the Agreement, as representative of the Brazilian Federal Government, under Law no. 12.351 /10, because the non-contracting sharing field area is located at the Pre-Salt Polygon.

The Tartaruga Mestiça sharing field is partially located at a concession contract BM-C-36 area (operated by Petrobras, with 100% of its participation) and partially at a non-contracting area of the Pre-Salt Polygon. It is located approximately 125 km from the city of Macaé (RJ), at a water depth between 650 and 1,200 meters and it shall produce oil and gas in Albian-age carbonate reservoirs (post-salt).

The development of Tartaruga Mestiça shall occur in conjunction with the Tartaruga Verde basin (100% Petrobras) and foresees the installation of a Production Unit, such as FPSO-type (floating production, storage and offloading), besides the drilling of production and injectors wells. The start-up of the FPSO commercial production of Tartaruga Verde and Tartaruga Mestiça from a well, located at the Tartaruga Verde field, is scheduled for 2017, according to the Business and Management Plan for 2014-2018. In turn, the start-up of commercial production of Tartaruga Mestiça field is scheduled for the first semester of 2018. The Agreement defines Petrobras as operator of the sharing field, as well as foresees redetermination mechanisms of participation originally established, to the extent that new technical information is obtained.

PIA and Tartaruga Mestiça Development Plan are jointly submitted to ANP approval. The companies will enter into a consortium and will agree upon its rules of management and governance.

Upon ANP approval and subsequent start-up of production, a portion of the produced volume of oil and natural gas will be guaranteed to the Federal Government by the PPSA.

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