Petrobras Expands Investments in Northern Brazil

Source: www.gulfoilandgas.com 4/6/2021, Location: South America

Petrobras has signed agreements with the company BP Energy do Brasil Ltda (BP) to assume the full shareholding of BP in six blocks, located in ultra-deep waters in northern Brazil, approximately 120 km from the state of Amapa, on a high-level exploratory frontier. potential in the Brazilian equatorial margin.

The six blocks of the agreements are: FZA-M-57, FZA-M-59, FZA-M-86, FZA-M-88, FZA-M-125 and FZA-M-127, which were acquired by the consortia in the 11th Bidding Round for Blocks by the National Petroleum, Natural Gas and Biofuels Agency (ANP), which took place in 2013.

The blocks FZA-M-57, FZA-M-86, FZA-M-88, FZA-M-125 and FZA-M-127 belong to Petrobras (30%), Total (40%) and BP (30%) . Petrobras had already signed an agreement to assume the operation and the full participation of Total in these contracts, subject to ANP approval, as disclosed to the market on September 28, 2020. Block FZA-M-59 belongs to the consortium involving Petrobras, with a 30% stake and operator, and BP (70%).

The agreement with BP will allow Petrobras to hold a 100% interest in these six blocks. The completion of the transaction is still subject to the approval of Organs regulatory bodies.

This transaction is in line with the Strategic Plan 2021-2025, which provides for new exploratory fronts outside the Southeast basins, and is part of the company's portfolio management process, prioritizing investments in world-class assets in deep and ultra-deep waters, aiming maximizing value for our shareholders.


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