Rio de Janeiro – Petrobras and
Total has officially announced that they have finalized a decisive milestone in
the realization
of their Strategic Alliance, signed in March 2017, with the
completion of the following transactions:
Transfer from Petrobras to Total
of 35% of the rights, as well as the operatorship, of the Lapa field in Block
BM-S-9A in the Santos Basin pre-salt, alongside Shell (30%), Repsol-Sinopec
(25%) and Petrobras (10%). The Lapa field was put in production in December
2016, via the 100,000 barrel per day capacity Cidade de Caraguatatuba FPSO.
Transfer from Petrobras to Total
of 22.5% of the rights of the Iara area, which comprises the Sururu, Berbigão
and Oeste de Atapu fields in Block BM-S-11A in the Santos Basin pre-salt,
operated by Petrobras (42.5%) alongside Shell (25%) and Petrogal (10%).
Production in Iara is expected to start in 2018 through the 150,000 barrel per
day capacity P-68 FPSO in Berbigão-Sururu fields, which will be followed by a
second FPSO in 2019 in the Atapu field.
The consideration for the above
transactions amounts to US$1.95 billion, including closing adjustments. This
amount does not include US$ 400 million that can be triggered by Petrobras to
carry a part of its investment share in the Iara development fields and
contingent payments. All conditions preceding the transfers were fulfilled, in
particular the granting of operation and installation licenses by the Brazilian
Institute of Environment and Renewable Natural Resources (IBAMA) in order for
Total to become the operator of the Lapa field.
These transactions give shape to
the Strategic Alliance between Petrobras and Total, allowing them to combine
their deep-offshore expertise.
Lapa field in Block BM-S-9A in
the Santos Basin pre-salt
Lapa field in Block BM-S-9A in
the Santos Basin pre-salt
“These transactions represent a
major step in our Strategic Alliance. As Petrobras is a leader in the pre-salt
exploration and Total is a leader in deep offshore West Africa, our partnership
has potential to reduce our exploratory risks and make both companies more
competitive. Working in partnership is strategic for Petrobras. We believe it
creates value and we will continue to further our cooperation on all segments
of the oil and gas value chain,” said Pedro Parente, CEO of Petrobras.
“The realization of our Strategic
Alliance with Petrobras follows the recent decision to launch the wide-scale
development of the giant Libra field operated by Petrobras, in partnership with
Total. With this Alliance, Total is developing a major position in Brazil, in
one of the most prolific basins worldwide, by taking advantage of our deep
offshore expertise, which is one of our main strengths. We are especially
pleased to be the first major to operate a pre-salt producing field in Brazil,”
said Patrick Pouyanné, Chairman and CEO of Total. “We intend to keep
strengthening our Strategic Alliance with Petrobras thanks to our commitment to
extend our technical cooperation in operations, research and technology, and to
develop new synergies between both of our companies.”
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