Ecopetrol farms in to Saturno block in Brazil's presalt region

Dec. 21, 2018
Ecopetrol SA has reached an agreement with Shell and Chevron to farm in to the Saturno block in Brazil's presalt region.

Ecopetrol SA has reached an agreement with Shell and Chevron to farm in to the Saturno block in Brazil's presalt region.

The agreement grants Ecopetrol a 10% stake in the block, which consists of 1,100 sq km off the coast of São Paulo and Río de Janeiro in the central region of the Santos basin.

Shell Brasil Petroleo Ltda. and Chevron Brasil Oleo & Gas Ltda. 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). The original consortium executed a proposal with a production stake of 70.2% in favor of the Brazilian State. The new consortium is Shell, operator, 45%; Chevron, 45%, Ecopetrol, 10%.

The agreement is subject to approval by Brazil's Ministry of Mines and Energy and the ANP, as well as customary closing conditions.