General Interest

Petrobras seeks operatorship, interest in Foz Do Amazonas basin assets

Sept. 28, 2020

Petrobras agreed to acquire operatorship and working interest in five exploration blocks in the Foz Do Amazonas basin from Total E&P do Brazil Ltda.

OGJ editors

Petrobras agreed to acquire operatorship and working interest in five exploration blocks in the Foz Do Amazonas basin from Total E&P do Brazil Ltda. The deal will see Total exit blocks FZA-M-57, FZA-M-86, FZA-M-88, FZA-M-125, and FZA-M-127, which lie in ultradeep waters 120 km offshore Brazil.

Earlier in September, Total said it had resigned operatorship in Foz do Amazonas basin and had notified block partners in August (OGJ Online, Sept. 8, 2020).

The five blocks were acquired in the National Petroleum, Natural Gas, and Biofuels Agency’s (ANP) 11thbidding round by a consortium operated by Total (40%), in partnership with Petrobras (30%) and BP Energy do Brasil Ltda. (30%).

Petrobras intends to increase its stake to up to 70%, depending on the preemptive right of BP, also part of the consortium.

The closing of the proposed transaction is subject to the regulatory agencies’ approval.