Brazil authorizes Saturno block stake transfer to Ecopetrol

Brazil’s Ministry of Mines and Energy has authorized Ecopetrol’s transfer of a 10% stake in the Saturno block in the Santos basin to its subsidiary, Ecopetrol Oleo e Gas Brasil.

Brazil’s Ministry of Mines and Energy has authorized Ecopetrol SA’s transfer of a 10% stake in the Saturno block in the Santos basin to its subsidiary, Ecopetrol Oleo e Gas Brasil. The stake was previously held equally by Shell Brasil Petroleo Ltda. and Chevron Brasil Oleo e Gas Ltda.

As reported in December 2018, Ecopetrol entered into an agreement with both companies to farm in to the block, which consists of 1,100 sq km off Sao Paulo and Rio de Janeiro (OGJ Online, Dec. 21, 2018). Shell Brasil and Chevron Brasil were awarded a 35-year production-sharing contract for the block in Brazil’s 5th presalt bid round conducted by the National Agency of Petroleum, Natural Gas, and Biofuels (ANP) (OGJ Online, Sept. 28, 2018).

Ecopetrol holds a 10% interest in the block, while Shell, as operator, and Chevron each hold a 45% interest.

This block adds an additional presalt block, as Ecopetrol already holds a 20% stake in presalt block Pau-Brazil in partnership with CNOOC and BP. With these two presalt blocks, Ecopetrol has a presence in five blocks in Brazil in the Santos, Foz de Amazonas, Potiguar, and Ceara basins.

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