Petrobras Acquires Exploration Rights in Atapu & Sepia Fields

Source: 12/17/2021, Location: South America

Petrobras acquired the exploration and production rights for volumes exceeding those of the transfer of rights in the Atapu and Sépia offshore fields in the 2nd Round of Tenders of the Surplus from the Transfer of Rights in the Production Sharing Regime, carried out today by the National Agency for Petroleum, Natural Gas and Biofuels (ANP).

Petrobras exercised the preemptive right in the acquisition of excess volumes from the Sépia field, adhering to the winning consortium's proposal. The consortium will have Petrobras as operator, with a 30% stake, in partnership with TotalEnergies EP (28%), Petronas (21%), and QP Brasil (21%).

Petrobras acquired the rights to excess volumes from the Atapu field in partnership with Shell Brasil and Total Energies EP. The consortium will have Petrobras as operator, with a 52.50% stake, in partnership with Shell Brasil (25%) and TotalEnergies (22.50%).

With the results of today's auction, Petrobras ensures the maintenance of operations in these fields, located in ultra-deep waters of the Santos Basin, for which it had already expressed an interest in the preemptive right, according to a statement released to the market on 28/04/ 2021, and confirms its leading position in the Brazilian pre-salt, consistent with its strategy of concentrating on the exploration and production of assets in deep and ultra-deep waters.

Atapu and Sépia are assets of demonstrably high productivity, oil with good characteristics and significant potential for incorporating reserves. They have a low extraction cost and are resilient to a low-price scenario, which reflects Petrobras' efficient and competitive performance in deep and ultra-deep water assets.

The Atapu field started production in June 2020 using the FPSO P-70, and in July 2021 reached its production capacity of 150,000 barrels of oil per day. It has the capacity to treat up to 6 million m³/d of gas.

The Sépia field began production in August 2021 through the FPSO Carioca, the largest operating platform in Brazil in terms of complexity.

The offer of the percentage of excess oil to be made available to the Union was the only criterion adopted by the ANP to define the winning proposal, as the fixed value of the signing bonus was already included in the notice.

The total value of the signing bonus to be paid by Petrobras is R$ 4.2 billion. The table below summarizes the result of Petrobras' participation in the 2nd Round of Tenders for the Surplus Volumes of the Transfer of Rights:

For Atapu and Sépia, the compensation amount before gross up is US$ 3,253,580,741.00 and US$ 3,200,388,219.00, respectively, and will be paid by partner companies to Petrobras in proportion to their participation in the consortia. For Atapu, Petrobras will receive compensation until April 15, 2022. The date of compensation for Sepia will be defined after negotiation with the consortium.

Participation in the 2nd auction of volumes exceeding the Transfer of Rights Agreement is in line with the Company's long-term strategy and strengthens Petrobras' profile as the main operator of oil fields located in ultra-deep waters.

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