Petrobras to increase asset stake in blocks north of Brazil

April 6, 2021

Petrobras signed agreements with BP Energy do Brasil Ltda to take over BP's entire stakes in six ultra-deepwater blocks, offshore northern Brazil, some 120 km from the state of Amapá.

OGJ editors

Petróleo Brasileiro SA (Petrobras) signed agreements with BP Energy do Brasil Ltda (BP) to take over BP's entire stakes in six ultra-deepwater blocks, offshore northern Brazil, some 120 km from the state of Amapá, in an exploratory frontier on the Brazilian equatorial margin.

The blocks—FZA-M-57, FZA-M-59, FZA-M-86, FZA-M-88, FZA-M-125, and FZAM-127—were acquired by the consortia in the 11th bidding round of Blocks of the National Agency of Petroleum, Natural Gas and Biofuels (ANP) in 2013.

Blocks FZA-M-57, FZA-M-86, FZA-M-88, FZA-M-125 and FZA-M-127 in the Foz Do Amazonas basin are owned by Petrobras (30%), Total (40%), and BP (30%). Petrobras signed an agreement to assume operation and Total’s stakes in these contracts, still subject to ANP approval, in September 2020 (OGJ Online, Sept. 28, 2020). The FZA-M-59 block is owned by a consortium of Petrobras (operator, 30%) and BP (70%).

The agreement with BP will allow Petrobras to hold 100% interest in these six blocks. Completion of the transfer is subject to regulatory approvals.