Petrobras increases investments in the north of Brazil

Petrobras increases investments in the north of Brazil

07 Apr 2021

Petrobras has signed agreements with BP Energy do Brasil Ltda (BP) to take over BP’s entire stakes in six blocks, located in ultra-deep water in northern Brazil, approximately 120km from the state of Amapá, in a high-potential exploratory frontier on the Brazilian equatorial margin.

The six blocks in the agreements are: FZA-M-57, FZA-M-59, FZA-M-86, FZA-M-88, FZA-M-125 and FZA-M-127, which 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 are owned by Petrobras (30%), Total (40%) and BP (30%). Petrobras had already signed an agreement to assume the operation and the totality of Total’s stakes in these contracts, still subject to ANP approval, as disclosed to the market on 28 September 2020. The FZA-M-59 block is owned by a consortium of Petrobras, with a 30% stake and operator, and BP (70%).

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

This transaction is in line with the 2021-2025 strategic plan, which will see new exploratory fronts outside the south eastern basins, and is part of the company’s portfolio management process, prioritising investments in world-class assets in deep and ultra-deep waters, aiming to maximise value for its shareholders.

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